DPID Court Orders Confiscation of Artha Tatwa Properties
Key Points
The designated court under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act (OPID) has directed concerned authorities to confiscate properties of the Artha Tatwa chit fund company and distribute the money among affected depositors.
Cuttack, Jan 3: The designated court under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act (OPID) has directed concerned authorities to confiscate properties of the Artha Tatwa chit fund company and distribute the money among affected depositors.
According to the information, the court has directed to attach movable and immovable assets procured by the Ponzi firm.
About 110 acres of land, 11 luxury cars, and Rs 2.17 crore bank deposits will be confiscated.
It may be noted that the Artha Tatwa firm duped hundreds of depositors of crores of rupees between 2009 and 2012, The firm's managing director Pradeep Sethi was also arrested and lodged in jail for fraud.
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✨The landed properties are located in Bhubaneswar, Tangi, Bhadrak, Ganjam, Puri and Angul areas.
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