Ponzi Firm Director, Manager Get 8-Yr Jail Term In Berhampur

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Berhampur: A special court has sentenced Chandrakant Bhargav Gole, owner and director of Sriram Electro Finance Ltd, and his manager Suresh Chandra Padhi to eight years in jail.

The Court also imposed a fine of Rs 43,000 each on Gole and Padhi. In his order, the judge of the designated court handling chit fund cases, Debashis Panda, said that the accused person would face up to another 21 months in prison if they did not pay the fine.

Gole, who has been in jail for the last seven years, and his manager have been indicted in 14 chit fund cases, and have so far been convicted in nine cases. There are also hundreds of check bounce cases in Gole’s name.

The chit fund company “Sriram Electro Finance Ltd,” had set up branches in various parts of the state and collected hundreds of crores of rupees from people on the pretext of high returns.

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