Investors of the Bhubaneswar-based Artha Tatwa (AT) Group in Pattamundai of Kendrapada district on Monday brought allegations against the officials of the financial company at the Pattamundai police station for being duped of their money.
The investors alleged that the AT Group, which started functioning in September 2010 at Pattamundai, had managed to collect about Rs4.93 crore from 546 people of Pattamundai, Aul, Rajkanika and Rajnagar blocks. The company lured the investors by promising to return them double their investments within 27 months and also to provide a three-per cent dividend per month against Rs1 lakh.
Though the company initially provided three per cent dividend per month to the investors against Rs1 lakh of deposit, later it stopped payment since July 12, 2012 and closed its office at Pattamundai.
When the investors approached the company officials, they tried to convince them and agreed to return their money. But after the depositors realised that the company’s agents and manager have only been paying lip services, a group of investors on Monday verbally complained at the police station that they are being cheated.
When contacted, Pattamundai PS IIC Amitav Mohapatra said, “Some investors brought the allegation verbally to my notice, but I asked them to bring all their documents to ascertain the sums duped by the AT Group in the locality. They have not given written any allegation in this regard, but they said they would come soon to lodge their FIRs.”
According to an AT Group Kendrapada branch office agent, Sahabuddin, the company has swindled more than Rs15 crore from the district.