Cuttack: A Designated Court under the OPID Act in Cuttack today sentenced Pabitra Kumar Sahoo to 10 years imprisonment for defrauding investors of ₹14 crore.

The Presiding Officer convicted Sahoo under Section 6 of the OPID Act, awarding him 10 years in prison and a fine of ₹50,000. In case of non-payment of the fine, Sahoo will serve an additional three months in jail.

Additionally, the court imposed: 

  • Seven years’ imprisonment under Section 420 IPC with a fine of ₹10,000; defaulting would result in one month of additional imprisonment.
  • Seven years’ imprisonment under Section 120-B IPC with a fine of ₹10,000; defaulting would result in one month of imprisonment.
  • Three years’ jail under Section 4 of the PCMCS (Banning Act).
  • Two years’ jail under Section 5 of the PCMCS (Banning Act).

The court clarified all substantive sentences will run concurrently. Sahoo was ordered to pay a total fine of ₹70,000.

The case originated when Swapna Paikray filed a complaint at the Capital Police Station against Sahoo, who was the Odisha Head of M/s Vibgyor Allied Infrastructure Ltd. Consequently, PS Case No. 235 of 2015 was registered and investigated. Later, the Economic Offences Wing (EOW) took over the investigation as per a High Court directive.

According to the complaint, M/s Vibgyor Allied Infrastructure Ltd and its sister companies, headquartered in Kolkata, opened a branch at Plot No. 120-B, Suryanagar, Unit No. 7, Bhubaneswar. Sahoo, representing himself as the Odisha Head, allegedly induced investors, including the complainant, to invest in various company schemes by promising high returns.

However, the company closed its Bhubaneswar office in 2013 and failed to pay the invested amounts. Sahoo reportedly ignored repeated demands from investors for refunds.