Saradha Chit Fund Scam: Key Officials Held Guilty, Sentenced to 5 Years in Jail

Balasore: Two key officials of ‘Saradha Realty India Limited,’ a chit fund firm, were handed a five-year prison sentence by a local court in Balasore district today. The court’s decision comes after they were found guilty of defrauding investors of substantial sums of money.

The verdict was reached during a chit fund case hearing, presided over by Judge Biswajit Das of the designated Odisha Protection of Interest of Depositors (OPID) Court.

The individuals convicted are Bichitrananda Das, the Odisha Coordinator of Saradha Realty India Limited, and Basudev Samal, the Balasore Branch Manager. They were charged under various sections, including IPC 467/468/420/406/120-B and relevant sections of the PCMC (Banning) Act, as well as Section 6 of the OPID Act.

Both Das and Samal have been sentenced to five-year Rigorous Imprisonment (RI) and have been fined Rs. 2.4 lakh each.

The case sheds light on the unlawful activities of Saradha Realty India Ltd., a chit fund enterprise operating in Balasore. Over a span of three years, from 2010 to 2013, the company managed to illicitly gather a staggering Rs. 4.16 crore from 2,735 investors in Odisha. These individuals were enticed by promises of high returns on their investments.

The illegal money circulation practices of the company were brought under scrutiny, ultimately leading to this conviction. Notably, the Central Bureau of Investigation (CBI) continues its investigation into the chit fund firm’s activities, highlighting the broader implications of this case.