Police in Odisha have begun investigations into allegations linking some mediapersons and builders with a chit fund group after prima facie that there were financial transactions between them, an official said Monday.
The commissionerate of police here is examining the bank accounts and other relevant documents of about 25 people, including some builders and media people, after Pradip Sethi, the head of Artha Tatwa (AT) group, who was arrested 12 May, claimed he paid about Rs.36 crore to different people.
The AT group, a controversial non-banking financial institution (NBFI) having operations across the state, was allegedly collecting money from people promising them high returns.
Deputy commissioner of police Nitinjit Singh said police have registered several cases against Sethi on the basis of complaints lodged by as many as 60 people. Preliminary investigation has showed that his group allegedly duped investors to the tune of Rs.357 crore.
‘We are examining the accounts of 20 to 25 people including those of some media people and builders. After collecting evidence, we will ask them to explain the source of the funds they received. If they do not provide a satisfactory explanation, we will arrest them,’ Singh said. Police also arrested at least 177 people in different parts of the state earlier this month for involvement in illegal money circulation and chit fund activities. The crackdown on the firms intensified on 10 May and about 200 offices of 84 companies were raided.
The commissionerate of police here is examining the bank accounts and other relevant documents of about 25 people, including some builders and media people, after Pradip Sethi, the head of Artha Tatwa (AT) group, who was arrested 12 May, claimed he paid about Rs.36 crore to different people.
The AT group, a controversial non-banking financial institution (NBFI) having operations across the state, was allegedly collecting money from people promising them high returns.
Deputy commissioner of police Nitinjit Singh said police have registered several cases against Sethi on the basis of complaints lodged by as many as 60 people. Preliminary investigation has showed that his group allegedly duped investors to the tune of Rs.357 crore.
‘We are examining the accounts of 20 to 25 people including those of some media people and builders. After collecting evidence, we will ask them to explain the source of the funds they received. If they do not provide a satisfactory explanation, we will arrest them,’ Singh said. Police also arrested at least 177 people in different parts of the state earlier this month for involvement in illegal money circulation and chit fund activities. The crackdown on the firms intensified on 10 May and about 200 offices of 84 companies were raided.