Odisha: 5-Year Jail Term For Ponzi Firm Director

Balasore: The Special Judge designated under OPID (Odisha Protection of Interest of Depositors), Biswajit Das, has sentenced a director of a Ponzi firm, Jagdish Mishra, to five years of rigorous imprisonment and slapped Rs 3.81 lakh penalty on him.

In default, he has to undergo another five years jail term.

Jadgish, then chairman cum managing director of a multi-level marketing company ‘ Raj Godson Services Private Limited was arrested, on August 23, 2016, on the basis of a complaint filed by one Binod Bihari Jena of Dagar Village. The firm with its head office at Malikashpur had siphoned off money from the investors alluring them through false lucrative schemes. He had promised to double their money within four years but the investors neither received the promised returns nor the principal amount.

“He formed the company in 2010 and convinced people to invest in it by showing them proof of some non-existent branch offices and head office in different districts of the state,” Special Public Prosecutor Pranab Panda said.

Jagdish was tried under Sections 465,467,468,420, 34 of IPC and 4,5,6  of PCMC(Prize Chits and Money Circulation Schemes (banning)  Act and Section 6 of OPID. “The court after examining 17 witnesses and 49 documents pronounced the verdict,” Special Public Prosecutor Pranab Panda said.