First Sentencing in Chit Fund Scam, Today

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Cuttack, Nov 30: The special chit fund court today has made its first conviction, sentencing Prakash Panda MD, Shirdi Sai Real Estate, to a 5-year jail term. Panda has also been fined an amount of Rs 3 lakh.

Prakash was arrested by the Economic offences Wing (EOW) of crime branch over allegations of a fraud of about Rs 1.5 crore made against his company. The sentencing was done under the section 6 of OPID act, said sources.

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