Domenica, 04 Dicembre, 2016

Special court delivers first conviction order in ponzi scam

1st conviction under OPID Act: 5-yr RI for Shirdi Sai Estate MD First conviction under OPID Act
Irmina Pasquarelli | 02 Dicembre, 2016, 12:23

Cuttack: The special chit fund court set up to conduct hearing on the multi-crore ponzi scam in Odisha, made its first conviction today.

The court also found the company to be guilty under Section 6 of the OPID Act and awarded a further one year's RI to Panda and slapped a fine of Rs two lakh.

The special court headed by an ADJ-rank judicial officer found Prakash Panda of Siridi Sai Real Estate Pvt Ltd guilty under the Odisha Protection of Interests of Depositors (in Financial Establishment) Act of 2011 and under several Sections of IPC. In default of the fine, the MD shall undergo RI of another one year, informed Special Prosecutor Subrat Mohanty. Some investors filed a petition in the Orissa High Court demanding action against the company after it provided neither land nor money. The economic offence wing of the Crime Branch had registered case against Panda in April 2013 following complaints from people allegedly cheated by him.

Adjudicating over the case for over one year and examining as many as 17 witnesses in this connection, the designated court in its first judgement convicted Panda, who is behind the bar for the last 33 months.

The economic offence wing, which had seized 1.67 acre of landed property under Bhubaneswar tehsil in Khurda district worth '26.12 lakh as per initial evaluation, two cars including a Ford Fiesta and Endeavour and bank accounts, had proposed to the Government to issue an order for attachment of properties of the chit fund company.

Earlier on Wednesday, the designated court had ordered for the confiscation of properties belonging to the Ponzi firm.

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