Balasore cops secure remand of ATG CMD for two days

Published: 29th June 2013 11:49 AM  |   Last Updated: 29th June 2013 11:49 AM   |  A+A-

Sahadevkhunta police in Balasore were on Friday granted the remand of Artha Tatwa Group CMD Pradip Sethi and Director Manoj Patnaik for interrogation. The duo was shifted from Jharpada jail in Bhubaneswar to Balasore jail on Thursday night.

Seeking two-day remand of the two AT Group bosses from Saturday, the police had appealed to sub-divisional judicial magistrate (SDJM) who gave their permission.

 In another incident, the court has also allowed Town police to take CMD of Mid East Multi-State Credit Cooperative Ltd Debesh Kumar Nayak in three-day remand.

While AT Group has been accused of duping people of nearly Rs 15 crore from Balasore besides Rs  120 crore in other areas of the State on the pretext of doubling the initial investment in three years, Mid East has allegedly mobilised Rs 100 crore from at least six districts of the State.

Separate team of police officials would interrogate Sethi, Patnaik and Nayak to gather details on their unlawful financial activities in the district. “We hope we would get more information regarding their modus operandi and their investment and nexus with others to run their show smoothly,” said a police official.

AT Group chief had reportedly admitted to have mobilised nearly Rs 300 crore from the State and purchased nearly 200 acres of land in various towns including Balasore, Berhampur, Sambalpur and Bhubaneswar.

Kartik Chandra Mohapatra, an investor alleged that he had received only a monthly dividend of Rs 9,000 each for five months against his investment of ` three lakh in the company.

Thereafter, the company closed down its office and the CMD absconded, he alleged.

In Mayurbhanj district, hundreds of investors had also lodged complaints against Sethi alleging that the AT group had cheated them of nearly Rs 15 crore in four years. They also staged a demonstration before the SP’s office demanding strong action against him.

Cases have also been registered at separate places in Bhadrak, Cuttack, Berhampur, Dhenkanal, Angul, Puri and Raygada against the company following the complaints of the investors. Berhampur police are likely to take him in remand after Balasore police complete the interrogation.

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