THREE TO FOUR YEARS RIGOROUS IMPRISONMENT TO THEN MD AND OTHER FOUR THEN DIRECTORS OF A PRIVATE COMPANY IN A CHIT FUND CASE

Press Release
New Delhi, 13.05.2017

      The Special CJM, CBI Cases, Bhubaneswar has sentenced Sh. Maloy Kumar Guha, then MD of Real Tulip India Ltd. & Real Tulip Industries Ltd to undergo four years Rigorous Imprisonment with fine of Rs. 15000/- and S/Sri Tirtha Halder, Malay Halder, Dipankar Ghosh & Prosenjit Sil all then Directors of Real Tulip India Ltd. to undergo three years Rigorous Imprisonment with fine of Rs. 15000/-. The Court also directed Real Tulip India Ltd. and Real Tulip Industries Ltd. to pay a compensation amount of Rs. 30 crore and Rs. 7 crore respectively which shall be paid to the unpaid depositors after realization as per procedure laid down under law.

      CBI had registered a case on 05.06.2014 on the orders of Hon’ble Supreme Court of India passed on 09.05.2014 in WP(C)401 of 2013 against Real Tulip India Ltd. & others and took over the investigation of FIR registered at police station Malkangiri vide case no. 230 dated 25.10.2013 relating to Chit Fund Scam Case of Odisha State. It was alleged that the complainant & others were cheated of lakh of rupees by the MD & Directors of Real Tulip India Limited after enticing them for depositing money in the said company by making to pay high interest.

       During investigation, it was found that the accused persons through their different entities had allegedly collected an amount of Rs. 37,12,04,672/- (approx) from the public and Rs. 7,26,12,500/- (Approx.) were returned to few investors. The public money allegedly collected from the depositors to the tune of Rs. 29,85,92,172/- (approx) was misappropriated by the accused persons. Five accused persons namely S/Sri Maloy Kumar Guha, Tirtha Halder, Malay Halder, Dipankar Ghosh and Prosenjit Sil were arrested on 06.12.2016.

       After investigation, a chargesheet U/s 120-B r/w Sec 409 & 420 of IPC & Sec. 4,5 & 6 of Prize Chit and Money Circulation Schemes (Banning) Act. 1978 was filed on 30.12.2016. Accused Maloy Kumar Guha, Tirtha Halder, Malay Halder, Dipankar Ghosh and Prosenjit Sil pleaded guilty. The Trial Court convicted the accused persons.

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