In Kolkata, a court condemned an official of chit fund organization Rose Valley to seven years in prison for tricking financial backers of their cash through Ponzi plans coasted by the firm.
Judge Anupam Mukhopadhyay of City Sessions Court likewise forced a fine of ₹ 2.5 lakh on Arun Mukhopadhyay, a chief in the Rose Valley gathering.
The court sentenced Arun Mukhopadhyay after he conceded that he was blameworthy during the conference.
Attorney for the contributors Arindam Das said that many individuals were hoodwinked by the Rose Valley Group, which had set up various organizations to run their chit fund tasks.
As per the court, Arun Mukhopadhyay, who was captured after the trick was uncovered in 2013, was in care for a very long time before being delivered on bail. This time of imprisonment will be remembered for the all-out prison term of seven years that he needs to serve.
A few charged, including Rose Valley bunch boss Gautam Kundu, have been captured regarding the chit fund trick being examined by the CBI and the ED.