Tamluk: On Saturday, eight people of Pincon Group were sentenced to life imprisonment in the first verdict for a ponzi scheme case in West Bengal.
A court at Tamluk in East Midnapore district ordered the imprisonment after hearing the Pincon Group case, filed in 2017 at Khejuri police station.
Manoranjan Roy, the company’s owner, now under judicial custody; wife Moushumi Roy, one of the directors and six other directors of the Pincon Group, are sentenced by the court.
The company was accused of cheating thousands of investors and raising over Rs 800 crore from the public across states.
The case was investigated by the directorate of economic offences of Bengal government.
The court charged a fine of Rs. 5 lakh on every accused. It also ordered confiscation of the property owned by Pincon Group and auction them to repay the cheated investors.