FIVE YEARS RIGOROUS IMPRISONMENT TO THEN DIRECTOR OF M/s ARTHA TATWA GROUP OF COMPANIES IN A Rs. 201 CRORE CHIT FUND CASE


 

Press Release
New Delhi, 03.07.2018

         

The Special Chief Judicial Magistrate, CBI Cases, Bhubaneswar (Odisha) has sentenced Sh. Jagabandhu Panda, then Director of M/s Artha Tatwa Group of Companies to undergo five years Rigorous Imprisonment with fine of Rs. 10,000/- in a Chit Fund case.

CBI had registered a case against CMD of M/s. Artha Tatwa Group of Companies and other Directors & prominent office bearers of Artha Tatwa Group of Companies, 120-B, 294, 341, 406, 409, 420, 467, 468, 471, 506, 34 of IPC and Section 4, 5 & 6 of Prize Chits & Money Circulation Schemes (Banning) Act, 1978,  and took over the investigation of the cases earlier registered at Odisha State etc. on the orders dated 09.05.2014 of Hon’ble Supreme Court of India.

It was alleged that the officials of M/s. Artha Tatwa Group of Companies allured the depositors through various means and collected public deposit with a false promise of high rate of interest & cheap flats/ plots and indulged in money circulation scheme illegally without having authorization from the competent authorities and thereby cheated the public.

Investigation revealed that a total amount of over Rs. 201 crore (approx) was  allegedly collected by AT group of companies from public through various schemes and the same was the outstanding amount as on April, 2012. A chargesheet was filed before Special CJM, CBI, Bhubaneswar on 11.12.2014 against 16 accused persons including an MLA, then Advocate General, seven companies/ firms & others U/s 120-B, 406, 409, 411 420, 468, 471 of IPC and Section 4, 5 & 6 of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978. Further investigation was kept open U/s 173(8) Cr.P.C. On 10.04.2015, a supplementary chargesheet was also filed before Special CJM, CBI, Bhubaneswar against three more accused persons including Sh. Jagabandhu Panda U/s 120-B, 420, 406, 409 of IPC and Section 4, 5 & 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Further investigation was also kept open U/s 173(8) Cr.P.C. to look into money laundering dimension, larger conspiracy, money trail etc. 



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