Ponzi scam: Nabadiganta firm boss gets three-year jail

A Special Court here on Friday sentenced director of Nabadiganta Capital Services Ltd Kartikeya Parida to three years of rigorous imprisonment (RI) for defrauding investors in the ponzi firm.

Published: 20th May 2017 05:58 AM  |   Last Updated: 20th May 2017 05:59 AM   |  A+A-

By Express News Service

BHUBANESWAR: A Special Court here on Friday sentenced director of Nabadiganta Capital Services Ltd Kartikeya Parida to three years of rigorous imprisonment (RI) for defrauding investors in the ponzi firm.

Parida, who is currently lodged at Special Jail here in Jharpada, was also handed out a Rs 15,000 penalty besides the jail term by the Special CJM (CBI). Parida was convicted under Sections 409 and 420 of the IPC and awarded jail terms of three years and two years respectively. Both the punishments would run concurrently, the order stated.

He was arrested by the CBI in 2014 along with the company's CMD Anjan Baliarsingh and director Pradeep Patnaik. On May 13, the court had sentenced Baliarsingh to three years of RI and `15,000 fine besides directing the company to pay a compensation of `10 crore.

Six accused in the case, including Lok Sabha member Ramchandra Hansdah and former MLAs Hitesh Bagarti and Subarna Naik, were chargesheeted by CBI in February, 2015 for misappropriating public deposits worth Rs 8.3 crore.

In another development, director of Micro Finance Ltd Ashok Patnaik on Friday pleaded guilty of the charges framed against him by the CBI. Patnaik submitted a written application to the jail Superintendent through the prison Welfare Officer in which he has admitted to the charges.

On Saturday, Patnaik's letter will be forwarded to the relevant court where the case is being tried, a prison official said on conditions of anonymity.

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