Special Judge designated under OPID (Odisha Protection of Interest of Depositors) Biswajit Das on Monday convicting an accused involved in a Ponzi scam, awarded him five years of rigorous imprisonment and slapped Rs 3.81 lakh penalty on him and in default 30 months of jail term more.
The convict identified as Jagdish Mishra, a resident of Jambhirai village under Baliapal police station, was arrested by police following FIRs against him on August 23,2016.
Mishra, then chairman cum managing director of a multi-level marketing company ‘ Raj Godson services private limited’ having its head office at Malikashpur had siphoned off money from the investors alluring them through false lucrative schemes. The investors neither received the promised returns nor the principal amount. They lodged complaints with the Town police.
Special Public Prosecutor Pranab Panda said, “Accused Mishra was tried under Sections 465,467,468,420, 34 of IPC and 4,5,6 of PCMC(Prize Chits and Money Circulation Schemes (banning) Act and section 6 of OPID. The court after examining 17 witnesses and 49 documents pronounced the verdict."