Balasore Chit Fund Scam: 7 Yrs Jail for 2, While 2 Others Get 3 Yrs Jail Term

Balasore: The Odisha Protection of Interests of Depositors (OPID) court judge Biswajit Das passed the judgement on the chit fund scam involving Shastra Enterprise Pvt. Ltd. on Tuesday.

The court has sentenced the company’s managing director V Sampat and director Mallikarjun Raju to 7 years imprisonment and fined Rs 4.21 lakh each.

The court has also ordered the imprisonment of 3 years for two other accused Sadashiv Nayak of Kusuda area in Mayurbhanj and Tapan Barik of Takatpur Baripada and fined Rs 60,000 each.

According to reports, Kshirod Chandra Barik, a resident of Baripada town had filed a complaint against the fraudsters in the local town police station. A case (301/2.11.2020) was registered.

The case was later handled by Crime Branch. The Crime Branch arrested  V Sampat and Mallikarjun Raju. Reportedly, about 10, 237 people have been duped of Rs 4.83 crore in this chitfund scam.