Chit Fund Firm MD Get 5-Yr Jail For Duping Investors of Rs 38.25 Lakhs In Balasore

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Balasore: Special Judge of Balasore Chit Fund Court, Biswajit Das, has sentenced Jagdish Mishra, MD of Ponzi firm Raj Godson Services Private Limited, to 5 years imprisonment and imposed a fine of Rs 3.81 lakhs. D

According to the case details, Binod Bihari Jena of Dogra village under Baliapal police station filed a complaint against the fraud firm in Balasore Town police station following which a case (216/23.8.2016) was filed.

While there are 3 main accused in the case, it is reported that the police have not filed the charge sheet against 2 others.

The court convicted Jagdish Mishra, the head of the Ponzi firm, today and mentioned in the verdict that the jail term may be extended to 2 years and 6 months for default of fine payment.

According to reports, the firm collected around Rs 38.25 Lakhs from 145 investors on the pretext of huge returns. But, later the company kept dodging the investors several times and failed to return the money.

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