India News | Odisha: Ponzi Firm Manager Sentenced to 3 Years in Jail
Get latest articles and stories on India at LatestLY. The branch manager of a Ponzi firm was sentenced to three years in jail after a court here convicted him in a fraud case.
Balasore, Jul 28 (PTI) The branch manager of a Ponzi firm was sentenced to three years in jail after a court here convicted him in a fraud case.
Special judge Biswajit Das also imposed a penalty of Rs 62,000 on Rohit Sahu, the branch manager of Real Vision International Ltd.
Also Read | Arunachal Pradesh: Wife Lands in Jail for Making Minor Sister File Fake Rape Case Against Husband.
Sahu was convicted under IPC sections 420 (cheating), 406 (criminal breach of trust), 120b (criminal conspiracy) and 34 (acts done by several persons in furtherance of common intention), besides the Prize Chits and Money Circulation Schemes (Banning) Act.
A case was registered against Sahu in May, 2013, in the Baripada police station following complaints from the investors that they were duped by him.
The investors alleged that his firm siphoned off their money after promising them lucrative returns.
The court convicted him after examining 13 witnesses.
(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)