Bhubaneswar: The CJM Court today sentenced Artha Tatwa (AT) Group MD Pradip Sethi and director Manoj Patnayak to 7 years of rigorous imprisonment and slapped a fine of Rs 70,000 in a case of 2013 registered with the Kharvel Nagar police in which the firm had floated ponzi scheme on pretext of gold loan and duped customers to the tune of crores.
AT chief Pradip Sethi and Manoj Patnayak were booked under section 420, 120 (B) and 406 of the IPC.
Notably, Pradip Sethi and Manoj Patnayak pleaded guilty before the Special CBI Court here on charges of alleged involvement in the AT Groups’s Chit fund scam in which the company had duped investors worth Rs 500 crores.
Earlier, on April 6, the CBI court had sentenced the AT Group chief and Direcotor to 7 years of jail term and with slapping a fine of Rs 30,000 failing which his term would be extended to another six months.
He had also been directed to deposit Rs 250 crores or his property will be attached if the amount is not deposited by the prescribed deadline, the Court said. The deposited amount will be refunded to the victims of the fraud by AT Group.