Bhubaneswar, July 31 (IANS) 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. Also Read - IRCTC case: Lalu Yadav granted regular bail

The Bhubaneswar Chief Judicial Magistrate convicted Sethy, Srikrushna Padhee, and Manoj Patanik in a case registered at the Kharvel Nagar police station here. Also Read - Security beefed up in Hry, Punjab ahead of verdict in scribe murder case; Ram Rahim an accused

Informed sources said the company had duped thousands of depositors of over Rs 500 crore. Also Read - UPA govt 'misused' CBI to target Modi, Shah: J'khand CM

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.

This is published unedited from the IANS feed.