By Bizodisha Bureau, Bhubaneswar, July 14, 2017 : The Special Central Bureau of Investigation (CBI) Court here on Friday convicted former chairman and managing director of chit fund firm Micro Finance Ltd (MFL) Durga Prasad Mishra.

The Court is scheduled likely to pronounce Mishra’s sentence on Tuesday.

Mishra, who is now in jail custody, was arrested by the CBI in December, 2014. The CBI has charged MFL of duping depositors of around Rs 400 crore by floating six companies.

CBI had in its preliminary charge sheet in February 2015 had named five people including Mishra, his brother Upendra Mishra and son Kaliprasad Mishra.

Besides, it had also named Ashok Patnaik and Baikunthanath Patnaik – both directors of the company.

Mishra had pleaded guilty before the Court in writing to the charges levelled against him.

The Special CBI Court sentenced another former director of MFL Ashok Kumar Patnaik to three and a half years of rigorous imprisonment (RI) early this month. Besides, the court also had slapped a fine of Rs 15,000 on Patnaik.

The court also had directed MFL to deposit Rs 105 crore failing which it would attach its properties.