Bhubaneswar: A special court in Cuttack has convicted the former Managing Director of Vibgyour Group, a chit fund company, for cheating investors out of over Rs 14 crore in Odisha. Pabitra Kumar Sahoo, was sentenced to 10 years of imprisonment and fined Rs 70,000 under multiple sections of the law.
The court, operating under the Odisha Protection of Interest of Depositors (OPID) Act, found Sahoo guilty of defrauding investors through various schemes, including recurring deposits, monthly income plans, and fixed deposit plans. The company, which had its office in Bhubaneswar, promised high returns to investors but failed to repay the money.
Sahoo was arrested in 2015 from Banpur in Khurda district and was booked under various sections of the IPC and other laws. The case was investigated by the Economic Offences Wing (EOW) of the Odisha Crime Branch, which took action after hundreds of depositors and agents staged a protest seeking action against the company.
The court’s verdict brings some relief to the investors who were duped by Sahoo and his company. The case highlights the need for stricter regulations and oversight to prevent such chit fund scams in the future.
