The properties attached had been transferred earlier from Artha Tatwa group companies and its employees Sambit Khuntia, Rahul Kanwal and Manindra Pramanik in the name of certain unrelated entities and individuals, an ED statement said.
"The attached properties include land and flat in Bhubaneswar and Balasore in Odisha."
Movable and immovable properties worth Rs 120.55 crore held in the name of Artha Tatwa group and its associates are already under ED's attachment. At present the total properties attached in this case are worth Rs 133.19
crore.
In this case, the mastermind Pradeep Kumar Sethy, who was recently sentenced seven-year imprisonment by a trial court in the chit fund scam in Odisha, collected money from the people promising high return and promoted various companies and co-operative societies for this purpose, it said, adding such huge deposit collected from people was subsequently laundered by investing in movable and immovable properties.
ED investigation revealed that the properties record in the matter were changed in the name of a religious institute by Sethy to escape attention and to a completely unrelated person who has no association with Artha Tatwa group.
The group, registered under the Companies Act and Multi-State Cooperative Societies Act, collected money from small investors in Odisha with a promise of high returns ranging from 15 to 20 per cent.
Along with Sethy, 20 company employees were also arrested for their involvement in the chit fund scam.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.