2 East Coast Chit Fund MDs in Odisha get 5-year Jail Term

Bhubaneswar, Sep 25: Khurda Chief Judicial Magistrate awarded five years jail term and Rs. 50,000 fine to two Managing Directors of East Coast Mutual Trust for Trade and Commerce chit fund company on Friday.

Chief Judicial Magistrate PM Samal awarded five years imprisonment to Prabhat Nanda and Rubeya Begum with fine of Rs. 50,000. The company East Coast Mutual has duped around Rs. 8 crore from investors in the district. It had opened its office at Keranga village in the district.

Prabhat Nanda and Rubeya Begum were arrested on November 5, 2013 by Khorda Police under Money Circulation Scheme (Banning) Act, 1978. However, two other officials wanted in this case are still at large.