Special Court Sentences Ponzi Firm MD To 5-Yr Imprisonment In Odisha’s Balasore

Balasore: A special court in Odisha’s Balasore district convicted the managing director of a ponzi firm in a fraud case and sentenced him to 5-year imprisonment.

As per the case, the ponzi firm, Raj Godson Services Private Limited had mobilised saving from the people on the assurance of returning the amount with high rate of interest. The firm had reportedly collected around Rs 38.25 lakh from 145 investors. But the company failed to return the money after repeated demands of the investors.

Following this, Binod Bihari Jena of Dogra village under Baliapal police station had filed a complaint against the firm in Balasore Town police station. The police had registered a case in 2016 and later, filed the charge sheet in the special court.

Hearing the case, Special Judge of Balasore Chit Fund Court, Biswajit Das, on Monday sentenced Jagdish Mishra, managing director of the firm, to imprisonment for 5 years and imposed a fine of Rs 3.81 lakh. The Judge also ordered that the convict would undergo imprisonment for additional 2 years and 6 months in case of default in payment of the penalty.

It may be mentioned that the police have not filed the charge sheet against 2 other accused in the case.