AT Group CMD offers to reveal more information in chit scam

Fifteen persons arrested in conenction with the Artha Tatwa Group chit fund scam were produced in the Central Bureau of Investigation (CBI)-designatd special court here.

PTI| Last Updated: Nov 26, 2014, 23:00 PM IST

Bhubaneswar: Fifteen persons arrested in conenction with the Artha Tatwa Group chit fund scam were produced in the Central Bureau of Investigation (CBI)-designatd special court here.

Special Court judge PL Satpathy allowed the central investigating agency to take Sagar Kumar Ray, a director of Orisons Group of companies and arrested by CBI on November 18 for his alleged link with Seashore Group, another chit fund company, on remand for two more days.

He was produced in the court after completion of a 13-day remand.

Lauding the ongoing probe into the multi-crore chit fund scam in Odisha, Artha Tatwa Group CMD Pradip Sethy today claimed that he would reveal more on the alleged involvement of a television channel, if taken on remand by the central investigation agency.

"I have given Rs 5.50 crore to OTV for promotional activities. Why this channel will not come under the purview of investigation?" Sethy told reporters while being taken to the court for appearance, even as his allegation was refuted by the TV channel as "baseless, motivated and defamatory."
 

Sethy, who was arrested last year on the charge of duping investors of crores of rupees, said "CBI is doing divine justice to the people of Odisha by conducting a free and fair investigation. I will reveal more information if taken on remand by CBI."

Rejecting the allegation made by Sethy, OTV vice-resident Ratikant Satpathy said in a statement said that "our dealings with AT Group were completely transparent and as per the prevailing operating rates. We have followed all due procedures in receiving and telecasting advertisements from AT group as in the case of any other advertiser."

The amount of advertisement placed by AT group on OTV Network Channels is far smaller than what the arrested accused has mentioned, Satpathy said adding the figure is less than even 1 percent of our advertisement revenue during the concerned financial years.

"Since OTV has been in the forefront of exposing the chit fund scam, the comments by the arrested accused after so many months appear to be completely motivated," Satpathy said.
 

Satpathy said the company was contemplating to proceed legally against the "baseless and defamatory" statement made by Sethy.