Odisha court awards 7-yr jail to four persons in chit fund case

Cuttack: A court in Odisha today awarded seven years of jail each to four persons after convicting them in a chit fund scam case under the Odisha Protection of Interests of Depositors (OPID) Act and the Prize Chits and Money Circulation Schemes (Banning) (PCMCS) Act.

The designated OPID Court, Cuttack convicted the four persons in connection with the deposit fraud at Siddha Mahapurusha Money Society, Nikirai of Kendrapara district.

Also, the court fined the four convicted persons Rs 5 lakh each.

A case Case No. 73/2016 U/s 420 IPC, 6 OPID Act, 4/5 PCMCS Act was registered at the Nikirai Police Station in the deposit fraud case.