Cuttack: The Odisha Protection of Interests of Depositors Act (OPID) Court today convicted Managing Director of a chit-fund company in the State. In its ruling, the court awarded five years of rigorous imprisonment to Sai Samruddhi Realcon India’s Managing Director Sandeep Kumar Das after convicting him for duping thousands of gullible investors.
A fine of Rs 1 lakh has also been imposed on the Managing Director of Sai Samruddhi Realcon India. If Das does not pay the fine, he will serve another six-month jail term, the court said.
Apart from this, the court fined Rs 2 lakh on the chit-fund company.
Das took money from depositors promising that his company will give double the amount of deposit after four years. But, he and his company did not keep their words and defrauded the investors of lakhs of rupees.
A complaint was lodged against him and his company at Purighat Police Station in Cuttack in 2015.