Balasore: A court in Odisha’s Balasore on Tuesday awarded a five-year jail term to two officials of chitfund firm ‘Saradha Realty India Limited’ for duping investors of crores of rupees.
Hearing the case investigated by Odisha EOW, the designated Odisha Protection of Interest of Depositors (OPID) Court Judge Biswajit Das convicted Saradha Realty India Limited’s Odisha Coordinator Bichitrananda Das and Balasore Branch Manager Basudev Samal.
The two were convicted under sections 467/468/420/406/120-B IPC r/w Sec.4/5/6/ of PCMC (Banning) Act & Sec.6 of OPID Act and sentenced them to undergo Rigorous Imprisonment (RI) for five years and fine of Rs.2.4 Lakh each.
In default of paying fine amount, the convicts will undergo further imprisonment for a period of 3 months, an EOW release said.
Notably, Saradha Realty India Ltd., a chit fund company having its branch office at Balasore, during the period 2010 to 2013 had illegally collected public deposits amounting to Rs.4.16 Crore from Odisha from 2,735 investors under its different schemes alluring them of paying high returns over the invested amount.
The company was involved in illegal money circulation. The investigation of the case is still on by the CBI against the chitfund firm.
Bhubaneswar: With an objective of bridging the gap between academia and the corporate world, the…
Mumbai: New parents Deepika Padukone and Ranveer Singh are on cloud nine ever since their…
Bhubaneswar: As fans of Shah Rukh 'King' Khan were rejoicing the superstar’s Best Actor award…
Bhubaneswar: The 18-member Odisha squad finished a creditable third in the medals tally at the…
Bhubaneswar: Odisha's Single Window Committee (SWC) has accorded in-principle approval to investment proposals worth over…
Surat: Nataraj Behera is a name synonymous with Odisha cricket for a decade and a…
Bhubaneswar: Doubling of railway tracks in a stretch of Gorapur-Darliput section of East Coast Railway…
New Delhi: Amid ongoing hostilities and tension in Middle East, Prime Minister Narendra Modi dialled…