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.
Sethy pleaded guilty in the case yesterday.
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