Odisha chit fund scam: Builder Sagar Ray appears before CBI again

Reported by Santosh Jagdev
Bhubaneswar, Nov 14:

Sagar Ray, one of the proprietors of Orison Properties Ltd, a city-based real estate firm, today appeared before the CBI team again for questioning on the Odisha chit fund scam.


Ray, under CBI scanner for his alleged involvement in lad deals of the Artha Tatwa (AT) Group and construction of apartments and duplex houses in the city, had appeared before CBI here on November 11 twice, first in the afternoon and then again in the night.

He reached the CBI office at around 11.30 am today and was still being interrogated when reports came in last. There is, however, no confirmation on whether the CBI proposes to arrest him.

The Central investigating agency will record the statements of Ray as evidence to prove his alleged involvement with AT group, CBI sources said.

The builder, along with Vineet Lalani, his partner, is said to have taken huge amounts of money from the AT group for their real estate and construction business, sources said.

On September 5, the CBI had recorded the statements of two builders, Ray and Lalani, after grilling them for several hour.

On November 5, the CBI team had arrested Lalani and Dillip Mohanty for their alleged links with the AT Group, a ponzi firm, on the basis of their recorded statements and its investigation

Dillip Mohanty, another realtor, happens to be a director of Lalani’s real estate firm.

The special CBI court here on November 13 had sent the two businessmen – Lalani and Mohanty – on a 14-day judicial custody after rejecting their bail pleas. They would be produced in the court on November 26 again.

Sources said Orison Properties Ltd had constructed an apartment at Sundarpada in the city using AT Group money.

However, Lalani later sold the apartment, but did not repay the amount he had taken from the AT Group, the sources added.

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1 Comment

    I hope that CBI will arrest him today, he is very close to mines owners and he used to circulate the black money of politicians and mining mafias in Artha Tatwa Chit Fund Company. CBI can get the information from him about the link of one senior IPS Officer with the Artha Tatwa Chit Fund Company.


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