Odisha

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

By
OB Bureau

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.

OB Bureau

Recent Posts

Hina Khan Shares Warm Post For ‘Humble And Kind’ Salman Khan

Mumbai: Television actress Hina Khan, who is battling breast cancer, recently met host Salman Khan…

November 23, 2024

AR Rahman Sends Legal Notice To Defamers Over Link-Up Rumours With Mohini Dey

 Mumbai: Following reports of his alleged link-up with bassist Mohini Dey, renowned music composer AR…

November 23, 2024

Tamannah Bhatia & Vijay Varma Go House Hunting; Is Marriage On Cards?

Mumbai: The love story of actors Tamannaah Bhatia and Vijay Varma has not been clandestine.…

November 23, 2024

Puri Jagannath Temple Admn Receives Ratna Bhandar GPR-GPS Survey Report; Asks ASI To Start Repair Work

Puri: Shree Jagannath Temple Administration (SJTA) has received the report of the Ratna Bhandar’s GPR-GPS…

November 23, 2024

Book Review: A Redemptive Tale Of Losing And Finding

With his debut novel ‘The Other Side of the Rainbow’ published recently, Niranjan Nayak, an…

November 23, 2024

Santosh Trophy: Odisha Seal Spot In Final Round With 2 Big Wins

Bhubaneswar: Odisha outplayed Chhattisgarh 4-1 on Saturday to seal a berth in the final round…

November 23, 2024

Diljit Dosanjh Asks States To Go Dry; ‘I Will Then Stop Singing Songs On Alcohol’

Mumbai: The Telangana government’s notice barring him from singing songs promoting alcohol and drugs at…

November 23, 2024

PM Modi To Participate In ‘Odisha Parba 2024’ In Delhi Tomorrow

Bhubaneswar: Prime Minister Narendra Modi will participate in the ‘Odisha Parba 2024’ programme on Sunday…

November 23, 2024