By Our Correspondent
BALASORE: During investigation of EOW PS Case No.12 dt.30.04.2013 registered against the chit fund company Saradha Realty India Ltd., Preliminary CC was submitted on 27.01.2014 u/s 120-B/420/406/465/467/468/471 IPC, r/wSec.4/5/6 of PCMC (Banning) Act, 1978 & Sec.6 OPID Act, 2011 against accused persons Bichitrananda Das and Basudev Samal the respective State Coordinator and Branch Manager, Balasore of the chit fund company before the Court of PO, Designated Court under OPID, Balasore.
OPID Court Balasore, delivered the judgement today i.e. on 22.08.2023 in the above noted case holding the accused persons namely Bichitrananda Das and Basudev Samal, the respective State Coordinator and Branch Manager, Balasore of the chit fund company guilty u/s467/468/420/406/120-B IPC r/w Sec.4/5/6/ of PCMC (Banning) Act & Sec.6 ofOPID Act and sentenced them to undergo Rigorous Imprisonment (RI) for five years and fine of Rs.2.4 Lakhs each. In default of paying fine it is ordered that the convicts will undergo further imprisonment for a period of 03 months.
It is to mention here that Saradha Realty India Ltd., a chit fund company having its branch office at Balasore, during the period 2010 to 2013 has illegally collected public deposits amounting to Rs.4.16 Crore from Odisha from 2,735investors under its different schemes under the allurement of paying high returns over the invested amount. The company was involved in illegal money circulation. The investigation of the case is still on for further investigation. CBI has also registered the case against the company.
