Thursday, January 27, 2022

Artha Tatwa chit fund scam: Orissa HC grants conditional bail to Director

Bhubaneswar: Orissa High Court has granted anticipatory bail to Jyotiprakash Jaiprakash in connection with money laundering case filed by Enforcement Directorate (ED). Reports said that the High Court has asked Jyotiprakash to furnish bail bond of Rs 2 lakh with 2 sureties and fully cooperate with the investigation.

The Central Bureau of Investigation arrested one of the founder directors of Artha Tatwa group Jyotiprakash Jaiprakash in April 2014 in connection with an multi-crore chit fund scam.

The agency had also arrested Sambit Khuntia, another director of the Artha Tatwa group for his role while he was purportedly found hiding in a well located in the backyard of his residence. The earlier Artha Tatwa group chief Pradip Sethi was also arrested for allegedly cheating hundreds of investors. Nearly a dozen cases were registered against him in the State.

After the chit fund scams surfaced in 2013-14, the state government had woken up and found that all those companies violated companied Act and cooperative societies Act. The state government then recommended the ministry to involve the Serious Fraud Investigation Office (SFIO). AT Group is accused of cheating investors of more than Rs 500 crore.

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