Chief Judicial Magistrate Manas Kumar Panda also sentenced Sethy to three years’ imprisonment under two sections of the Prize Chits and Money Circulation (Banning) Act.
The punishments would run concurrently.
The court also directed Sethy to pay Rs 2 lakh to the complainant as compensation and in default he would undergo rigorous imprisonment for one year.
Raghumani Das of Burla had deposited Rs 6 lakh with the Artha Tatwa Group in April 2012 after being assured of good return. However, he did not get any money and lodged a complaint with the police.
Sethy pleaded guilty in the case yesterday.