MFL chief Durga Mishra convicted in chit fund scam

Bhubaneswar: The Special CBI Court on Friday convicted Micro Finance Limited (MFL) chief Durga Prasad Mishra in the mega chit fund scam.
Mishra had earlier pleaded guilty to the charges levelled against him. The court will pronounce the quantum of punishment on July 18, sources said.
Mishra, who is currently lodged at Jharapada Special Jail here, was arrested by the CBI in December 2014. The company had allegedly duped investors of Rs 500 crore by floating several ponzi firms in Odisha.
On July 7, MFL managing director Ashok Kumar Patnaik was sentenced to three and a half years of rigorous imprisonment by the same court, which also slapped Rs 15,000 penalty on him. It also directed the firm to pay compensation of Rs 105 crores.
Patnaik was arrested by the CBI in March 2014.
As many as 13 cases are pending against the company.