Berhampur, Dec 27 (LocalWire) A special designated court dealing with chit fund cases on Thursday convicted Managing Director (MD) of SS Credit Cooperative Private Limited, Buguda and six others, associated with the firm under the Odisha Protection of Interest of Depositors (OPID) Act.
The special court has sentenced Santosh Kumar Tiwadi, MD of the company, to undergo rigorous imprisonment (RI) for five years and imposed a fine of Rs. 11.50 lakh.
The court also sentenced two years RI and fine Rs 2 lakh to Soudamini Tripathy and Sekhar Suman Tripathy, Santosh’s wife and son and directors of the company, two of his partners P. Sanjeev Patra and T.Rajiv Patra, two agents Sushant Satapathy and Kuna Behera.
Judge of the designated court Dipti Ranjan Kanunngo ordered to refund the fine money among the depositors after it is realized from the accused persons, said special public prosecutor Bijay Kumar Pradhan.
Sources said Tiwadi collected around Rs 50 lakh alluring at least 43 people with assurance of providing double the amount to their accounts.
As the ponzi firm did not refund the matured amount to the depositors, one of them, Narayan Swain of Talasakara village, had lodged an FIR at Buguda police station on Dec 5, 2014.
The court sentenced all the seven accused after they were found guilty.
During the hearing the court examined at least 24 witnesses, said Pradhan.