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Chief of ponzi firm gets five-year jail term in Odisha

jail term

Bhubaneswar: In a development, the managing director (MD) of Sai Prakash Development Ltd was awarded five-year jail term by the Special CBI Court here on Wednesday.

Pushpendra Singh Baghel was brought on a transit remand from Madhya Pradesh to the city in connection with the ponzi scam in August.

The court also ordered the ponzi firm to deposit Rs 250 crore to repay the duped investors, failing which the movable and immovable assets of the firm would be attached and subsequently auctioned.

Baghel, who was arrested from Indore by Madhya Pradesh police in June, 2015, has been accused of cheating people of crores of rupees in Odisha.

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