The Central Bureau Investigation court also directed Baliarsingh to deposit Rs 10 crore with the court registry, which shall be paid to depositors as per the law.
Baliarsingh, arrested in 2014 in the multi-crore scam, was found guilty of all charges.
The company had allegedly collected about Rs 15 crore from the public through its branches in Puri and Cuttack districts between 2011 and 2013 on the promise of giving huge returns on deposits.
In another case, chit fund company Real Tulip India Ltd. Managing Director was awarded a four-year jail term while four Directors were handed out three-year terms.
Those convicted are Dipankar Ghosh, Malay Halder, Prasenjit Sil, Tirtha Halder, and Malay Kumar Guha.
The company was asked to deposit Rs 29 crore in the court.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.