Cuttack, Nov. 29: A special court here sentenced Shiridi Sai Estate Private Limited's managing director to rigorous imprisonment for five years in the first-ever conviction under the Odisha Protection of Interests of Depositors (In Financial Establishments) Act, 2011.

The court also slapped a fine of Rs 3 lakh. Of this, the firm's managing director Prakash Chandra Panda will have to pay Rs 1 lakh. The firm will have to pay the rest amount.

Panda was accused of cheating hundreds of investors to more than Rs 1 crore. He was arrested on February 15, 2014, for collecting money from investors by promising plots in easy instalments near Bhubaneswar. Besides, he had opened offices in Balasore, Soro, Bhadrak and Baripada.

"This was the first trial to be over at the special designated court in the deposit collection cases in which an accused has been convicted. The crime branch's economic offences wing had registered a case against Panda in April last year on the basis of an FIR lodged by Laxman Kumar Panda and others in accordance with the direction given by Orissa High Court," said special public prosecutor Subrata Mohanty.

On the completion of investigation, the wing had filed a charge sheet on June 12, in the court for conspiracy, criminal breach of trust, cheating, forgery and use of forged documents against Panda.

"The court found Panda guilty of misappropriating and cheating more than Rs 1 crore from the depositors on the ground of providing land near Bhubaneswar. He neither provided the land, nor refunded the money," Mohanty said.