Ex-director of AT Group arrested
Bhubaneswar: Police on Monday arrested Jagannath Panda, a director of the chit fund company Swastik India, for his alleged involvement in the multi-crore Artha Tatwa (AT) Group scam. This is the second arrest related to the case after AT Group’s chairman-cum-managing director (CMD) Pradip Sethi was nabbed on May 12.
Police sources said Panda was the director of AT Group from 2008 to 2011.
Hinting that there will be more arrests in the coming days in connection with the case DCP Nitinjeet Singh said, "Once we get enough proof, we will take action against the company's 12 directors, 51 members along with people who have taken loan from Artha Tatwa."
Singh added the CMD of AT Group, during his eight day remand in police custody which ended on Sunday, had let out names of certain media persons and builders who helped him.
According to sources, the chit-fund company allegedly duped investors to the tune of Rs 357 crore. The chit fund firm has also rendered unsecured loans to various individuals and organisations while collecting money from gullible investors.
Meanwhile, depositors hit the streets at Angul and Nayagarh demanding return of their money from Seashore group.