Odisha

3-Year Jail Term For Kolkata-Based Ponzi Firm’s Branch Manager In Odisha

By
OB Bureau

Balasore: A special OPID court in Odisha’s Balasore has sentenced Kolkata Weir Industries Ltd’s Udala branch manager, Sangram Keshari Patra, to three years of imprisonment for defrauding depositors.

He had also been fined Rs 61,000.

The chit fund company, having its registered office at Diamond Harbour, had mobilised about Rs 48 crore from more than one lakh investors through issuance of ‘redeemable preference shares’ in West Bengal, Odisha and Jharkhand. It went ahead with its operations despite being an unlisted company. Accordingly, the Securities and Exchange Board of India (Sebi) served a notice to its promoters and directors in August 2013 to refund the money raised from public and also barred the company and its promoters/ directors from accessing the securities market for more than three years.

In December 2017, the anti-corruption wing of the CBI sealed many offices of the firm for illegally collecting money from market following raids in Kolkata and Jharkhand.

 

 

OB Bureau

Recent Posts

IPL Auction: KKR Break Bank For Venkatesh On Lucrative Day For Indian Players; Check Top Buys

Mumbai: The first day of the IPL mega player auction at Jeddah threw up several…

November 24, 2024

Odisha Govt Hands Over Case Of Attack On Dharmasala MLA To Crime Branch

Bhubaneswar: The Odisha government has handed over the investigation into the attack on Dhramasala MLA…

November 24, 2024

Commissionerate Police Issues Traffic Advisory During Winter Session Of Odisha Assembly; Details Here

Bhubaneswar: The Commissionerate of Police on Sunday issued an advisory for movement of vehicular traffic…

November 24, 2024

Elon Musk Proposal: Fire US Federal Employees Who Want To Work From Home

New York: Now that President-elect Donald Trump has tasked Elon Musk with the responsibility of co-heading…

November 24, 2024

Odisha Govt Warns Of Stern Action For Renting Out Its Quarters

Bhubaneswar: The Odisha government has warned its employees of stern action for sub-letting their allotted…

November 24, 2024

AR Rahman Best Man In The World, Certifies Saira Banu; Then Why Their Separation?

Mumbai: There has been a lot of talk over AR Rahman and his wife Saira…

November 24, 2024

Process On To Form NODC In 2-3 Months, Says Odisha CM Mohan Majhi

Sundargarh: The North Odisha Development Council (NODC) would be formed in 2-3 months, said Chief…

November 24, 2024

Odisha DGP Reviews Security Arrangements For President’s Visit To Puri

Puri: Director General of Police (DGP) YB Khurania on Sunday reviewed the security arrangements for…

November 24, 2024