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First judgement by chit fund court: Five year jail to Sirdi Sai Estate MD

eow chit fund

Bhubaneswar: A designated chit fund court in Cuttack on Tuesday awarded five year jail term to Siridi Sai Estate Private Limited managing director Prakash Chandra Panda and slapped Rs 3 lakh fine on him for cheating land buyers of nearly Rs 10 crore. Official sources said it was the first such conviction under the Odisha Prevention of Interest of Depositors (OPID) Act in Cuttack.

On May 7, 2015, the economic offence wing (EOW) of the state Crime Branch moved the finance department, seeking attachment of the real estate firm’s property. On February 15, 2014 EOW arrested the realtor Prakash Chandra Panda.

“We had proposed attachment of his 1.1 acre land at Kalarahanga on the city outskirts and two luxurious SUVs. Estimated cost of the assets would be not less than Rs 8 crore,” said an officer of EOW.

The EOW had registered cheating case against Panda on April 12, 2013 following complaints that he cheated people by collecting money from them. “He collected crore of rupees from more than 100 people by promising them land at cheaper rates in the city. But he reneged on the deal. During investigation we found he did not have adequate land to give to investors,” the officer said.

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