The Special CBI CJM Court here on Tuesday sentenced Microfinance limited chairman and managing director Durga Prasad Mishra to a three-year jail term in connection with the multi-crore chit fund scam in the State.
The court also asked Mishra to pay a compensation of Rs 215 crore to the investors affected due to the scam by his company.
Though Mishra had a couple of days ago been convicted after he pleaded guilty of the charges, the court pronounced the quantum of punishment on Tuesday.
It was alleged that the company had opened more than 420 branches and duped Rs 500 crore from investors in the State. Mishra was arrested in 2014 by the CBI and is presently cooling his heels in the Jharpada jail here.
Earlier, a company director, Ashok Patnaik, had also pleaded guilty of the charges and was sentenced to three years in jail and asked to pay a Rs 105-crore compensation to the duped investors.