Bhubaneswar: The Special CBI Court here today sentenced Ponzi firm Micro Finance Ltd (MFL) director Ashok Kumar Patnaik to three and a half years of rigorous imprisonment (RI).
In addition to that, the court also imposed a fine of Rs 15,000 on Patnaik.
Patnaik had pleaded guilty before the court to the charges levelled against him by the CBI on June 27 this year.
The CBI had arrested Patnaik in March 2014 and he is currently lodged at the Jharpada Special Jail here.
Further, the court has directed MFL to deposit Rs 105 crore failing which it would attach its properties.
Notably, CBI had in its preliminary charge sheet in February 2015 had named five people including former CMD of the company, Durga Prasad Mishra, his brother Upendra Mishra and son Kaliprasad Mishra.
Besides, it had also named Ashok Patnaik and Baikunthanath Patnaik – both directors of the company.
The CBI has charged MFL of duping depositors of around Rs 400 crore by floating six companies.