Cuttack, Jan 20: Odisha Protection of Interests of Depositors (OPID) Court has awarded five year imprisonment to the Managing Director of Sai Samrudhi Realcon India Limited,Sambit Das on Thursday.
Hearing a series of cases under Negotiable Instrumentation (NI) Act, the OPID Cuttack has issued the order in the afternoon.
On charges of duping depositors, the court handed down the sentence to Das under Section 420 of the IPC and under Section 6 of the OPID Act.
Besides jail term, the court has asked Das and his company to pay fines of Rs 1lakh and Rs 2 lakh, respectively. On failure to pay both the fines, Das has to go undergo another six months and one year of imprisonment, respectively, said Subrat Mohanty, special Public Prosecutor(PP) of theOPID Court.
Setting up his company in 2015, Das had allegedly duped of money from depositors with a false promise to double the amount in four years. However, no investor got the benefit and the cheques issued by the company were frequently bounced.
Following this, several duped depositors had lodged complaints with the Purighat police station. The police had registered a case and submitted the charge sheet against Das.