Twin City

Ponzi scam: Nabadiganta firm boss sentenced to 3-year jail term

jail term

Bhubaneswar: A Special Court here on Friday sentenced director of Nabadiganta Capital Services Ltd Kartikeya Parida to three years of rigorous imprisonment for duping investors in the ponzi firm.

Parida, who is currently lodged at Special Jail here in Jharpada, was also imposed a fine of Rs 15,000 besides the jail term by the Special CJM (CBI). Parida was convicted under Sections 409 and 420 of the IPC and awarded jail term of three years and two years respectively. Both the punishments would run concurrently, the order stated.

He was arrested by the CBI in 2014 along with the company’s CMD Anjan Baliarsingh and director Pradeep Patnaik. On May 13, the court had sentenced Baliarsingh to three years of jail term and Rs 15,000 penalty besides directing the company to pay a compensation of Rs 10 crore.

Six accused in the case, including Lok Sabha member Ramchandra Hansdah and former MLAs Hitesh Bagarti and Subarna Naik, were charge framed by CBI in February, 2015 for defrauding public deposits worth Rs 8.3 crore.

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