The Central Bureau of Investigation has convicted Bijay Kumar Rout, former Managing Director of Adarsh Group and sentenced him to undergo four years Rigorous Imprisonment with fine of Rs. 15000.
The Court also convicted Adarsh Stalfed Farms Pvt. Ltd and Adarsh Wealth Ventures Pvt. Ltd. and directed to pay a compensation amount of Rs. 12 crore which shall be paid to the unpaid depositors after realization as per procedure laid down under law.
It was alleged that Rout, MD of Adarsh Group floated various financial schemes in Odisha and collected deposits from the public through agents. The amounts so collected were paid to Bijay Kumar Rout, who subsequently absconded without making payment to the depositors.
The public money collected from the depositors to the tune of Rs. 21.66 crore was misappropriated by the accused persons.