The Bhubaneswar Chief Judicial Magistrate convicted Sethy, Srikrushna Padhee, and Manoj Patanik in a case registered at the Kharvel Nagar police station here.
Informed sources said the company had duped thousands of depositors of over Rs 500 crore.
Earlier, a Special CBI court had sentenced Sethy to seven years of imprisonment.
The group, registered under the Companies Act and Multi-State Cooperative Societies Act, collected money from small investors in Odisha with a promise of high returns ranging from 15 to 20 per cent.
Along with Sethy, 20 company employees were also arrested for their involvement in the chit fund scam.
(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.