Bhubaneswar: A court in Cuttack awarded four years rigorous imprisonment (RI) to Prakash Chandra Panda, the managing director (MD) of Shirdi Sai Estates Private Limited, in connection with a land fraud case.
Earlier, economic offence wing had registered a case (8/13) against Estates, which was represented by Panda, under section 420 IPC for cheating several depositors and swindling funds to the tune of `5 crore on the pretext of providing homestead land.
EOW officials had arrested Panda, and filed a chargesheet against him and the tainted firm at a designated court in Cuttack.
The company reportedly had its head office in Bhubaneswar and its branches were operational at several places across the state including Soro, Bhadrak, Baripada and Chandanpur.
“Panda had collected money promising plots and flats in easy installments at seven projects at Basuaghai, Kalarahanga, Patia, Pahala and Tankapani Road in Bhubaneswar.
He publicised and issued brochures inviting investors to purchase plots though the company did not have the required amount of land,” EOW officials had earlier said.
“The company collected money through agents in installments promising depositors land on the outskirts of Bhubaneswar and doubling the money invested in the company. But later the company closed its office in Bhubaneswar and Panda went into hiding,” they added.
“After trial, the court sentenced Estate’s MD Panda to undergo RI for two years for the offence under section 406 IPC, RI for four years and a fine of `3,000 for the offence under section 468 IPC, RI for one year for the offence under 471 IPC, RI for five years and fine of `1 lakh, for the offence under section 6 OPID Act. Besides this, Estates, the corporate entity which was represented by Panda, has been sentenced to pay a fine of `2 lakh in default RI for one year,” Economic Offence Wing officials said.
“This is the first conviction under the Odisha Protection of Interests of Depositors (in Financial Establishment) (OPID) Act after the act came into force in 2013,” they pointed.
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