Ponzi Firm Executives Sentenced To 5 Yrs RI For Cheating Depositors

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The EOW filed a complaint against the Ponzi business Saradha Realty India and presented the preliminary charge sheet on January 27, 2014, while looking into a chitfund issue. The charge sheet was presented before the Designated Court under OPID, Balasore, and Bichitrananda Das and Basudev Samal, the respective State Coordinator and Branch Manager of the chit fund business, were arrested.

The OPID Court in Balasore handed out its ruling on Tuesday, finding the defendants guilty and ordering them to serve five years in a harsh jail and pay fines of Rs. 2.4 lakhs for each of them. The defendants are mandated to serve an additional three months in jail if the fine is not paid.

With the promise of high returns over the invested amount, Saradha Realty India Ltd., a chit fund company with a branch office in Balasore, illegally collected public deposits totaling Rs 4.16 Crore from 2,735 investors in Odisha between 2010 and 2013 under its various schemes. The business was engaged in the circulation of illicit funds. The matter is currently under investigation in order to learn more. Additionally, CBI has filed a complaint against the business.

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