Tamluk: A criminal court here in East Midnapore district sentenced eight people associated with Pincon company, including its directors, to life imprisonment for duping investors of their money.
Additional sessions judge Mou Chatterjee of 3rd court, Tamluk, found the eight persons guilty of the charges against them and sentenced them to life imprisonment for their conviction under the stringent West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013.
This is probably the first conviction under this Act, Special public prosecutor for the Directorate of Economic Offences of West Bengal government, Soumen Dutta said.
The eight convicted persons will also undergo sentences of 10 years and 7 years in a correctional home for their conviction in cases of cheating and criminal breach of trust by a public servant, banker, merchant or agent, the court directed.
All the sentences will run concurrently.
The court also acquitted 10 accused people, while two others died during the trial.
In its Thursday’s order, the court directed issuance of fresh warrants against 15 other accused who are still absconding.
In February 2017, criminal cases were lodged by investors who claimed that they were not paid back their money on completion of term deposit period by the Khejuri branch of investment company Pincon.
Lawyers for the convicts said they will appeal against the conviction and sentence before a higher court.