Bhubaneswar: During investigation of a chitfund case, the EOW registered a case against the ponzi firm – Saradha Realty India and submitted the preliminary charge sheet on January 27, 2014.
Bichitrananda Das and Basudev Samal the respective State Coordinator and Branch Manager, Balasore of the chit fund company were booked and the charge sheet was submitted before the Designated Court under OPID, Balasore.
The OPID Court Balasore, delivered the judgement on Tuesday holding the accused persons guilty and sentenced them to undergo Rigorous Imprisonment (RI) for five years and fine of Rs.2.4 Lakhs each.
In default of paying fine it is ordered that the convicts will undergo further imprisonment for a period of three months.
Saradha Realty India Ltd., a chit fund company having its branch office at Balasore, during the period 2010 to 2013 has illegally collected public deposits amounting to Rs 4.16 Crore from Odisha from 2,735 investors under its different schemes under the allurement of paying high returns over the invested amount.
The company was involved in illegal money circulation. The investigation of the case is still on for further investigation. CBI has also registered a case against the company.
(IANS)
