Chit Fund Company-Artha Tatwa (AT) Group CMD Pradip Sethi was today sentenced to seven years sentence by the CBI Chief Judicial Magistrate (CJM) Court here today.
CJM Court pronounced the Judgment a day after Mr.Sethi pleaded guilty of defrauding the hapless investors of their money.
In addition to that, the Court imposed a fine of Rs 30,000 on Mr.Sethi.
The CBI Court also sentenced Manoj Patnaik, another Director of AT Group to four years imprisonment.
In addition to that the court imposed a fine of Rs 10,000 on him.
On failure to pay the fine Mr.Sethi will be required to undergo another six months imprisonment, the Court ordered.
The Court has directed AT Group to deposit Rs 250 crore with it failing which their properties will be attached.
Both Sethi and Patnaik had pleaded guilty before the court on Wednesday and earlier they have given it in affidavit that they have duped people.
Notably, Mr.Sethi was arrested by the Commissionerate of Police on 13 May, 2013, in connection with the AT Group scam.
The Central Bureau of Investigation (CBI), which took over the probe into the chit fund scam in the State following the direction of Supreme Court, has estimated that Aartha Tatwa (AT) group defrauded thousands of depositors of a total of about Rs 1,200 crore.