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Three chit fund co employees sentenced to three years imprisonment




 The special CBI court here today sentenced two employees of a chit fund firm to three years imprisonment.

The court sentenced the executives of Rightmax Technotrade International Limited to three years in jail. Besides, the court also directed to deposit Rs 15,000 with court’s registry which shall be paid to the depositors as compensation as per the law. The executives have been identified as Nachimuthu Murugavel and G Murugusen, sources said. The duo had pleaded guilty of all charges in writing before the court.

The company had allegedly duped investors to the tune of Rs 17 crore in the State. Till now, four officials of the company have been arrested. In 2015, the market regulator Securities and Exchange Board of India (SEBI) had barred the Bengaluru-based company from doing any kind of business. SEBI found that the company illegally raised public deposits by offering high interest rate.
In a related development, one of the directors of Nava Diganta Capital Services Limited Kartikeya Parida today pleaded guilty of all charges in writing before the court. Parida presently lodged at Jharpada Special Jail here sent his confession letter through the jail superintendent. The court would record his statement tomorrow.
Earlier, Special CBI court had sentenced another director Anjan Kumar Baliyarsingh to three-year jail term after he pleaded guilty of all charges.





Editorial

Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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