Chitgate: Waytel MD gets 5-yr jail term

Bhubaneswar: A special CBI court here on Tuesday awarded five-year imprisonment to Waytel Chit Fund Managing Director Thakur Amardip Singh, who pleaded guilty to defrauding investors of their money.

Besides, Singh has also been asked to deposit Rs 100 crore with the court’s registry.

On April 24, Singh, who was arrested from Nagpur, had pleaded guilty of all charges in writing before the court. The company had allegedly collected money from small investors in Odisha with a promise of high returns ranging from 15 to 20 per cent.

Last month, the court had sentenced chit fund firm Artha Tatwa (AT) Group’s chief Pradip Sethy to 7-year imprisonment for his involvement in the multi-crore chit fund scam in Odisha.
The court also imposed a fine of Rs 30,000 on Sethy, failing which he will be required to undergo another 6 months of imprisonment.

Apart from him, the court also sentenced Manoj Patnaik, another director of AT Group to 4 years of imprisonment and imposed on him a fine of Rs 10,000.

Both Sethy and Patnaik had pleaded guilty before the CBI court.