Balasore, July 17 : Odisha Protection of Interest of Depositors (OPID) court Judge Biswajit Das on Monday convicted three directors of a multi-level marketing company and sentenced them to 3 years RI along with Rs1.2 lakh penalty each on the charge of committing financial irregularities and duping investors .
The Judge ordered that in default of the penalty the convicts would undergo another 18 months imprisonment.
The convicts identified as Bijay Kumar Jena, Baisinga , Kadu Marandi and Somnath Nayak were working as directors of a Chit fund company- Shine India Agro Industries having its branch in Mayurbhanj district.
A case was registered against the trio in 2013 by Betnati police following complaints from the investors who alleged that they were duped by the company on the pretext of giving high returns and other incentives against their deposits .
“The trio got booked under section 120(B), 406, 467, 468, 471, 420 IPC and 4,5,6 of PCMC(Prize Chits and Money circulation schemes (banning) Act.
The court pronounced the verdict after examining seven witnesses and 48 exhibits.
Finding them guilty, the court awarded different jail terms against each section and in sum they would undergo three years RI besides paying Rs 1.2 lakh penalty each,” Special Public Prosecutor Pranab Kumar Panda said.