Odisha chit fund scam: Pradeep Sethy awarded 5-year jail term

Sambalpur: Chief Judicial Magistrate (CJM) court today awarded five-year imprisonment to Artha Tatwa (AT) chief Pradeep Sethy in connection with Rs 6 lakh fraud case.

Along with jail sentence, Sethy was asked to pay Rs 2 kah as fine to the petitioner Raghumani Das and in default he will face rigorous imprisonment for one year.

Hearing the case, the court sentenced Sethy to five-year in jail under sections 420, 120(B) of Indian Penal Code (IPC) and two years under 4 and 5 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

The punishment will run concurrently.

On Tuesday, Sethy had pleaded guilty to the crime before the court.

Notably, Raghumani Das of Burla in Sambalpur had lodged a complaint against AT Group in 2014 alleging the firm duping him of Rs 6 lakh alluring him of high returns.

Also Read: Odisha chit fund scam: Pradeep Sethy, two others sentenced to 7-yrs in jail