Balasore: Special Judge of Odisha Protection of Interest of Depositors (OPID) Court Biswajit Das on Thursday convicted the former branch manager of a Ponzi firm and sentenced him 3 years RI along with a penalty of Rs 61,000 penalty.
In default of the penalty amount, the convict, the judge ordered, would further undergo another 10 months jail term.
The convict identified as Saroj Kumar Nayak, former manager of Micro Finance Limited and Micro Leasing and Fund Limited, based at Kaptipada under Mayurbhanj district allegedly duped lakhs of rupees of innocent investors. He had siphoned investment from the investors promising them high returns and other incentives.
A case was registered against him by Kaptipada police in August 2013 under sections 420,406,506 and 120(B) of IPC and 4,5,6 of Prize Chits and Money Circulation Schemes (banning ) Act,1978 following complaints by the investors.
The accused was tried under several sections of IPC and OPID and the court after examining 35 witnesses and 24 exhibits awarded the punishment finding him guilty of duping investors, Special Public Prosecutor Pranab Panda said.
