Director of Artha Tatwa, Swastik India convicted in chit fund scam
Bhubaneswar: The Special CJM CBI Court on Friday convicted Jagabandhu Panda, one of the directors of Artha Tatwa (AT) and Swastik India Multi State Credit Cooperative in connection with the chit fund scam in Odisha.
Panda has been awarded five years imprisonment in connection with the AT scam and three years jail in the Swastik India chit fund case. He was earlier arrested on the charges of money laundering for his alleged involvement in both the scams.
Sources said Panda along with another accused Ranjan Das had floated Swastik India by allegedly mobilising depositors’ money from AT Group.
Ranjan Das was arrested by CBI in September 2014 and granted bail on health grounds by the Orissa High Court on January 29, 2015.