You are here : Home » State Editions »Bhubaneswar

State Editions

AT fraud furore in JSpur: Hundreds lodge complaints

Wednesday, 08 May 2013 | KAHNU NANDA | JAGATSINGHPUR | in Bhubaneswar
0

 

 

Hundreds of investors, including agents and field staff of Artha Tatwa (AT) Group here on Tuesday lodged complaints with police on financial fraud by the firm. They cited the company had cheated them of Rs25 crore.

The angry depositors submitted a memorandum before the district superintendent of police (SP) seeking his help, who after receiving the complaints, forwarded them to the Crime Branch’s Economic Offences Wing [EOW] for a probe.

Reports said that the AT Group had instituted four branches in Jagatsinghpur, Paradip, Rahama and Kujanga in 2009 and floated three money gain schemes as recurring deposit, fixed deposit and monthly income source and had promised hefty returns to the investors. Many unemployed youth had been lured to work in the company with an assured monthly commission.

The investors and agents alleged that the company collected more than Rs25 crore from Jagatsinghpur branch during past four years. About 400 agents and staff of the company had collected the money from the gullible depositors, while four months back, on an instruction from the company’s head office to halt collection, the regional offices of AT Group were found locked. The company officials also went underground to evade any queries, informed agent Akhila Kumar Lenka.

A few company agents also alleged that they were not being paid for last five months. “We did not receive our salary and commission. Investors are venting their ire against us as we collected money from them,” said Akhila Lenka.

 Meanwhile, branch head Prashant Swain and Manoj Kumar Patnaik, who was instrumental in starting AT Group’s business in Jagatsinghpur have been absconding for past three months.

Meanwhile, reports said that many depositors and agents lodged an FIR in Kujanga police station on Monday on the same count citing a fraud of Rs21 crore from Kujanga branch.             

SP SB Bhoi confirmed receiving complaints from the depositors and agents against the dubious company and said the case has been referred to the Crime Branch’s EOW, which is investigating the alleged fraud across the State by various firms.

 
 
 
Sunday Edition

Helping students focus

20 Jul 2014 | Bharat Bhushan Padmadeo

I don’t know why my father has forcefully brought me here when he knows that I have no faith in astrology or any other abstract subjects that he subscribes to,” was the opening remark of a young lad brought for counselling. I assured the young man that he will not be offered predictions or a lesson in dos and don’ts...

Read More

STATE EDITIONS

Give out caste certificates on time: Raman

24 Jul 2014 | Bharat Bhushan Padmadeo

Chief Minister Raman Singh has issued a directive that students of standard 10th and 12th, belonging to Scheduled Castes, Scheduled Tribes and Other Backward Classes, should be compulsorily awarded their caste certificates before they pass out from school. The Chief Minister issued the directive at the meeting of Chhattisgarh Tribal Advisory Council, at the Vidhan Sabha premises on Tuesday evening...

Read More

SOUND BITES

Manmohan Singh should make a statement on Katju's disclosure. People of India have got a right to know. It will help enhance the judiciary's image.

Union Minister —Venkaiah Naidu

Don't show any newspaper (in Parliament). We all read newspapers. You do not have to educate us.

Rajya Sabha Chairman —Hamid Ansari

The big question is: If I lived in Gaza, would I fire a rocket at Israel? The answer is, probably yes.

British lawmaker —David Ward
Site Designed and Developed by: Infomedia Web Solutions Page generated in 1.72 seconds.