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Odisha chit fund scam: Two execs of Rightmax Intl get 3 year jail

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Odisha Sun Times Bureau
Bhubaneswar, May 16:

A local court in Odisha capital today sentenced two employees of a chit fund firm to three years imprisonment.

Special CBI court sentenced the executives of Rightmax Technotrade International Limited to three years in jail. Besides, the court also directed to deposit Rs 15,000 with court’s registry which shall be paid to the depositors as compensation as per the law.

The executives have been identified as Nachimuthu Murugavel and G Murugusen, sources said.

The duo had pleaded guilty of all charges in writing before the court.

The company had allegedly duped investors to the tune of Rs 17 crore in Odisha. Till now, four officials of the company have been arrested.

In 2015, the market regulator Securities and Exchange Board of India (SEBI) had barred the Bengaluru-based company from doing any kind of business. SEBI found that the company illegally raised public deposits by offering high interest rate.

In a related development, one of the directors of Nava Diganta Capital Services Limited Kartikeya Parida today pleaded guilty of all charges in writing before the court. Parida presently lodged at Jharpada Special Jail here sent his confession letter through the jail superintendent. The court would record his statement tomorrow.

Earlier, Special CBI court had sentenced another director Anjan Kumar Balyarsingh to three-year jail term after he pleaded guilty of all charges.