Cuttack: The Odisha Protection of Interests of Depositors (OPID) court here on Thursday convicted 7 persons in a chit fund scam and sentenced them to rigorous imprisonment of seven years besides imposing a penalty of Rs 5 lakh on each of them.
After hearing two fraud cases by Siddha Mahapurusa Money Society, the court convicted accused Bhagyabrata Rout and Duryodhan Bhuyan and announced the sentence.
They have also been convicted under Prize Chits and Money Circulation Schemes (Banning) Act and awarded rigorous imprisonment of two years. Both the sentences will run concurrently. The firm was accused of cheating the investors of Rs 8 crore. The court also announced same sentence for another accused Jibandeep Rout.
In the second related case, the court convicted Laxmipriya Rout, Mitanjali Rout, Sanjib Rout and Manoj Lenka for Rs 4-crore fraud through the society. All the convicts have been sentenced to 7 years of rigorous imprisonment and imposed a penalty of Rs 5 lakh each.