Micro Finance chit fund chief convicted

Bhubaneswar: Micro Finance chit fund company chief Durga Prasad Mishra was convicted in the CBI special court today. According to sources, the court has reserved its judgement and will pronounce the quantum of punishment on July 18.

Durga had earlier pleaded guilty to his crimes before the Bhubaneswar special CJM in writing.

CBI had arrested Durga on the charges of duping investors  of over Rs 500 cr in December 2014 and has been lodged in Jharpara jail for since past two and a half years now.

Earlier, another managing director of the company, Ashok Patnaik was awarded three and a half years jail term and was directed to pay compensation of Rs 105 crores.

As many as 13 cases are pending against Micro Finance company.