Odisha court sentences Jagabandhu Panda in chit fund scam

Bhubaneswar: Odisha chit fund scam accused Jagabandhu Panda was today sentenced to five and three year jail terms by the Special CBI Court here after his conviction in two chit fund scam cases.

While the court sentenced Panda to five years in jail for his involvement in the Artha Tatwa (AT) Group scam, he was sentenced to three years in jail for his complicity in Swastik India scam.

Panda had earlier pleaded guilty before the court in both the cases.

Panda, the former director of AT Group, a major player in the Odisha chit fund scam, allegedly embezzled nearly Rs 100 crore from the company before floating another dubious firm named Swastik India along with some former AT Group employees in 2011.

Commissionerate Police had arrested Panda on May 28, 2013 in connection with the Rs 500- crore financial scam perpetrated by the firms.