Kolkata, Oct 3 (IANS) A West Bengal court on Saturday convicted eight persons in connection with the Pincon chit fund case and awarded life imprisonment to eight accused for running the Ponzi scheme in the state.
The life term was given to eight of the company’s top officials on Saturday evening by the third additional district judge of Tamluk in East Midnapore, Mou Chattopadhyay. Altogether 20 people were accused in the chit fund case. The court also ordered the refund of the money to all investors.
While eight of them were given life terms, 10 others were released after the court found them to be not guilty. Two accused had died during the course of the court proceedings.
Manoranjan Roy, the kingpin of the Pincon Ponzi scheme, who is currently admitted to a hospital with health issues, participated in the proceedings via video conference from the hospital.
According to sources, Mousumi Roy, wife of Manoranjan Roy, is absconding since the scam came to light. Mousumi was also sentenced to life in prison by the court. The total volume of the Pincon chit fund scam was about Rs 864 crore as the company had raised money illegally from lakhs of small investors in West Bengal, sources said.