Home BIG STORY Chit fund scam: Odisha HC grants bail to ex-BJD MLA Subarna Naik

Chit fund scam: Odisha HC grants bail to ex-BJD MLA Subarna Naik

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Cuttack: The Orissa High Court today granted conditional bail to former Biju Janata Dal (BJD) MLA from Keonjhar, Subarna Naik who was arrested by the CBI in connection with the chit fund scam in the state.

“The bail was granted against a bail bond of Rs 2 lakh with two sureties and security deposit of Rs 2 lakh,” said senior lawyer Prashant Kishore Ray.

The court has imposed restriction on his visit to other states without its permission. Besides, the court has asked him to cooperate in the investigation process and not to tamper the evidence, he added.

The former legislator was one of the directors of Nabadiganta Capital Services and was arrested by the central agency on November 4, 2014 on charges of his links with the financial fraud committed by the firm.