Balasore: The OPID Court, Balasore, has convicted Director-Cum-Promoter of M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd and two up-line members for cheating Rs.10 crore from 500 investors.
The court delivered the judgment Wednesday holding accused Babu Singh Kushwaha, Director-Cum-Promoter of M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd. guilty and sentenced him to undergo seven years RI and fine of Rs 3.45 lakhs.
Similarly, up-line members Sarat Kumar Nayak and Pravat Ranjan Das were also held guilty and sentenced to undergo Rigorous Imprisonment for five years and fine of Rs1.25 lakh each.
On default of fine for all the convicts, the OPID court ordered that they will undergo further imprisonment of one year each.
Further, M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd. represented through its Director Babu Singh Khushwaha was found guilty and ordered to pay a fine of Rs 2 lakh.
A case was registered pursuant to an enquiry conducted by EOW on a petition filed by one Chandra Kanta Dash & others against M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd. and its Director & Promoter on the allegation of duping as many as 500 gullible depositors of more than Rs 10 crore under false promise of high returns on their deposits/investment in various schemes launched by the company.
The convict Babu Singh Kushwaha who is the lone Director of the company which under various lucrative schemes/ packages promoted direct selling of various household goods/Electronic goods with high returns having cashback offers.
The collection of deposits by the company under the cover/ mask of direct selling was nothing but running of Ponzi schemes.
M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd. had floated various lucrative schemes/ packages under which products like LED TV, Smart TV, Trolley bag, Mixture Grinder, LED Smart Fan are being offered to the public under direct selling with high returns having cashback offers.
The company also offered various reward incomes like star Achiever to Emerald Star Achiever with reward income of Rs 5000 /Mobile phone / Furniture depending upon the target achievement within 30 days to 150 days for enrolling downline depositors.
The M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd. through its Director Babu Singh Kushwaha and up-line members Sarat Nayak and Pravat Ranjan Das has collected Rs.10 Crore from more than 500 investors.
The Company had its activities mainly in Balasore and Bhadrak Districts and their peripheral areas.
During investigation Babu Singh Kushwaha was arrested from Gwalior whereas Sarat Kumar Nayak and Prabhat Ranjan Das were arrested from Balasore.
Special Public Prosecutor OPID Court, Balasore Pranab Kumar Panda was conducting the prosecution. EOW sources said during the last one year alone, six cases of EOW Odisha have resulted in conviction.
UNI