Odisha court convicts realtor in chit fund scam

Cuttack: In ongoing investigation into ponzi scam, a designated court in Odisha convicted realtor Subhransu Singh in a chit fund case for duping hundreds of investors here.

The convict was sentenced to undergo rigorous imprisonment (RI) for seven years. He was also slapped with fine of Rs 1 lakh and in default, sentence of 18 months RI has been directed for the offences under sections 467/468/471/420/406/120-B of IPC and section 6 of OPID Act,2011.

Singh, MD of Shree Bhumi Construction Ltd, was arrested on May 29, 2015 following a case was registered by EoW under sections 467/468/471/420/406/120-B of IPC, r/w sections 4/5/6 of Prize Chits & Money Circulation Schemes (Banning) Act and section 6 of Odisha Protection of Interests of Depositors (in Financial Establishment) (OPID) Act on basis of complaint by Nirmal Kumar Jesti.

He was accused of collecting public deposits under different schemes in the pretext of payment of money at higher interest rates.

The probe by EoW revealed that Singh and other office bearers of the construction firm had duped 569 investors to the tune of total Rs 5,43,89,896 and alluring them of high rate of interest.

The charge sheet was filed against Singh on Sept 23, 2015 to face the trial and keeping the investigation open under section 173(8) CrPC.