Chit fund Scam: Session Court rejects Bail plea of AT Chief

The Khurdha District Sessions Court on Saturday rejected the bail plea of Artha Tatwa (AT) Group Chief Pradip Sethi in connection to multi-crore chit fund scam.

Sethi had applied for bail, after the CBI filed a charge sheet against him and his bail plea is rejected in the CBI Court.

AT Company has allegedly duped the investors around Rs. 4,600 crore in many parts of Odisha and other states in lieu of a high return in its chit fund scheme.

During the investigation, Sethi had revealed that some key politicians and government officers  of the state were involved in the massive scam.

A retired DIG of Police on February 7, 2013 was the first to file an FIR against AT group for duping him of Rs 17 lakh at Kharvel Nagar police station in Bhubaneswar.

After the high voltage protest from the thousands of investors across the state against the company for duping their investments, the Supreme Court had handed over the chit fund scam probe to the CBI and asked the State governments to provide all logistical help to the investigating agency in connection to this multi-crore scam.