Bhubaneswar–A court here on Monday sentenced Artha Tatwa Group chief Pradip Sethy and two company directors to seven-year imprisonment for their involvement in the chit fund scam in Odisha.
The Bhubaneswar Chief Judicial Magistrate convicted Sethy, Srikrushna Padhee, and Manoj Patanik in a case registered at the Kharvel Nagar police station here.
Informed sources said the company had duped thousands of depositors of over Rs 500 crore.
Earlier, a Special CBI court had sentenced Sethy to seven years of imprisonment.
The group, registered under the Companies Act and Multi-State Cooperative Societies Act, collected money from small investors in Odisha with a promise of high returns ranging from 15 to 20 per cent.
Along with Sethy, 20 company employees were also arrested for their involvement in the chit fund scam.