A special CBI court has convicted three individuals and sentenced them to prison terms ranging from five to six years in a Rs 5.5 crore deposit fraud case linked to Pragatishil Infra Projects and Services Limited (PPSL).

The company, which started operations in 2009 in Kailashahar, Tripura, later expanded its presence across the state by opening around 14 branch offices. It initially attracted depositors with regular repayments, but reportedly stopped paying maturity amounts from 2011, causing significant losses to investors.

Following multiple complaints from affected depositors, a case was registered against the firm’s Chairman Arindam Das, Director Dipshikha Chakraborty Das, and Managing Director Pritosh Das. The investigation was subsequently handed over to the Central Bureau of Investigation (CBI), which filed a chargesheet after completing its probe.

During the trial, the court examined testimony from seven witnesses and found all three accused guilty of criminal conspiracy and cheating under Sections 120B and 420 of the Indian Penal Code, along with violations under the Tripura Protection of Interests of Depositors (TIPID) Act.

Each of the convicted individuals has been awarded five years of rigorous imprisonment under the IPC charges, along with a fine of Rs 1 lakh each. Under the TIPID Act, they received an additional six-year sentence and another Rs 1 lakh fine per person. The company itself has also been penalized with a Rs 6 lakh fine.

The court has ordered that the firm’s movable and immovable properties be liquidated through legal channels, with the proceeds directed toward compensating the affected investors. Authorities said the ruling offers long-awaited relief to hundreds of depositors who had been waiting for justice for several years.