By Bizodisha Bureau, Bhubaneswar, November 29, 2016 : A court designated to handle chit fund scam cases in Odisha in Cuttack on Tuesday sentenced Shirdi Sai Real Estate Pvt Ltd’s managing director Prakash Panda to five years in jail under the Odisha Protection of Interests of Depositors (OPID) Act.

Panda is the first person to be convicted under the OPID Act under section 6 of the OPID Act.

The court also has imposed a fine of Rs 3 lakh.

The Economic Offences Wing (EOW) of the Crime Branch had arrested Panda from his residence here on February 15, 2014, on charges of duping depositors of Rs 1.05 crore.

Earlier on Wednesday, the designated court had ordered for the confiscation of properties belonging to the Ponzi firm.

The court also ordered for public auction of moveable and immoveable properties valued at about Rs 26 lakh belonging to the firm and distributes the proceeds among the duped investors.