Saradha chit fund scam case:  2 get 5 years’ rigorous imprisonment, fine of Rs 4.8 lakh imposed

Balasore: The OPID Court in Balasore today sentenced two persons, who are involved in the Saradha chit fund scam case, to five years’ rigorous imprisonment and imposed a total fine of Rs 4.8 lakh (Rs 2.4 lakh each).

The accused has been identified as Bichitrananda Das and Basudev Samal, the respective State Coordinator and Branch Manager, Balasore of the chit fund company.

The court pronounced the sentences against Das and Samal after finding them guilty under section 467/468/420/406/120-B IPC r/w Section 4/5/6/ of PCMC (Banning) Act & Sec.6 of OPID Act.

According to reports, the convicts will undergo further imprisonment for a period of three months in default of paying the fine.

It is to be noted here that during investigation of EOW PS Case No.12 dt.30.04.2013 registered against the chit fund company Saradha Realty India Ltd., Preliminary charge sheet was submitted on 27.01.2014 u/s 120-B/420/406/465/467/468/471 IPC, r/w Sec.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.

Notably, 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 2,735 investors under its different schemes under the allurement of paying high returns over the invested amount.

The chit fund 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.