The Odisha Protection of Interests of Depositors (OPID) Court in Cuttack on Wednesday ordered confiscation of the properties of ArthaTatwa over the chit fund scam.
The properties include 110 acre land in prime areas of different places, 11 luxury cars and Rs 2.17 crore bank deposits.
Sources said the court also ordered to distribute the recoveredmoney through confiscation among thedepositors of ArthaTatwa.
The immovable assets (landed properties) to be confiscated are located in Bhubaneswar, Begunia, Tangi, Bhadrak, Baleswar, Ganjam, Puri and Angul. The movable and immovable assets would be confiscated over an alleged chit fund scam to the tune of around Rs 600 crore.
The fraud was done by ArthaTatwa between 2009 and 2012. Chief of the company PradeepSethy was earlier arrested in connection with the scam and had to cool his heels behind bars.
