The Court of Chief Judicial Magistrate (CJM), Khordha, on Friday sentenced two top officials of the chit fund company East Coast Mutual Trust for Trade and Commerce to five years’ imprisonment for duping investors of Rs10 crore in Khordha district.
CJM PM Samal awarded the imprisonment to MD Prabhat Nanda and Rabeya Begum with a fine of Rs50,000 each.
The court later remanded the duo to the Khordha jail amid tight security.
Notably, the Khordha Town police had arrested the duo from here on November 5, 2013 under the Money Circulation Scheme (Banning) Act, 1978 on the basis of a complaint lodged by a depositor, Ahmed Khan.
The firm had opened its office at Keranga village in Khordha district and collected over Rs 8 crore from the people during the period.