Balasore, Aug 22: A local court in Balasore district on Tuesday awarded five-year jail term to two officials of chit fund firm ‘Saradha Realty India Limited’ for duping investors of crores of rupees.
Biswajit Das, the designated Odisha Protection of Interest of Depositors (OPID) Court Judge, convicted the company’s Odisha coordinator Bichitrananda Das and Balasore Branch Manager Basudev Samal and sentenced them to undergo Rigorous Imprisonment (RI) for five years.
The court also imposed a fine of Rs.2.4 lakh on each.
Saradha Realty India Ltd having its branch office at Balasore, during the period 2010 to 2013 had illegally collected public deposits amounting to Rs.4.16 crore from 2,735 investors under its different schemes promising them to pay high returns.
