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Balasore: The Balasore Sub Divisional Judicial Magistrate (SDJM) court on Friday granted Sahadevkhunta police a two-day remand of Artha Tatwa (AT) Group chief Pradeep Sethi.
The cops will quiz Sethi for allegedly cheating investors on the pretext of paying them returns at inflated interest rates.
Earlier, the police had sought permission of SDJM, Balasore to take Sethi and one of the group’s directors Manoj Pattnaik on remand to interrogate on the alleged money circulation by his company.
On Thursday both Pattnaik and Sethi were produced before the SDJM court and later forwarded to Balasore jail.
It has been alleged that the company had fraudulently collected more than Rs 15 crore through company’s Balasore branch, besides taking huge sums of money from investors in Bhubaneswar, Puri and Berhampur.
However preliminary investigation by police showed that Sethi's AT group has allegedly duped investors to the tune of Rs 130 crore.
On May 13, Sethi was arrested and sent to jail on charges of cheating investors in different parts of Odisha.
In a related development, the Balasore Town police took Mideast Group CMD Debesh Kumar Nayak on a three-day remand.
Notably, on Tuesday, Mid-East Group CMD Nayak, Vice-President Ratikant Tripathy and three founder members of the firm were arrested on charges of duping investors through illegal money circulation.
