India News | Odisha Ponzi Firm Directors Get Jail for Duping Investors

Balasore, (Odisha) Jul 17 (PTI) An Odisha court on Monday sentenced three directors of a chit fund company to three years of rigorous imprisonment after convicting them of duping investors.

The OPID (Odisha Protection of Interest of Depositors) Act court judge Biswajit Das also slapped a penalty of Rs 1.2 lakh each on the three directors.

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In default, they will have to undergo another 18 months of imprisonment.

The three, all in their 30s, were working as directors of the ponzi firm Shine India Agro Industries Ltd having a branch in Mayurbhanj, the court said

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A case was registered against the trio in 2013 by the police following complaints from the investors who alleged they were promised high return against their deposits but did not get it.

They were tried under various sections of the IPC and other Acts.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)