Home CRIME HC rejects bail plea of former Odisha MLA Subarna Naik

HC rejects bail plea of former Odisha MLA Subarna Naik

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Odisha Sun Times Bureau
Cuttack, Jan 22:

The Orissa High Court today rejected the bail petition of former Biju Janata Dal (BJD) MLA from Keonjhar Subarna Naik, arrested by the CBI in connection with the Odisha chit fund scam.

Former BJD MLA from Keonjhar Subarna Nayak
Former BJD MLA from Keonjhar Subarna Nayak

The former MLA had moved the High Court seeking bail.

Hearing the case, Justice JP Das rejected the bail plea of Subarna Naik.

It may be recalled that Naik was arrested by the CBI on charges of criminal conspiracy in the multi-crore chit fund scam in the state. The former legislator was one of the directors of Nabadiganta Capital Services and was arrested by the central agency on charges of his links with the financial fraud committed by the Odisha-based chit fund firm Nabadiganta Capital Services.

The CBI has already filed a preliminary charge sheet against him and five others in the case.

According to allegations, the company had collected about Rs 15 crore through its branches located in undivided Puri and Cuttack districts between 2011 and 2013. Though it had refunded Rs 7.30 crore to some depositors, the rest amount has not been returned.

Later Ramachandra Hansda, BJD MP from Mayurbhanj and former Nuapada MLA of Bharatiya Janata Party (BJP) Hitesh Bagarti were arrested by the CBI for their alleged involvement in the affairs of the chit fund company and are presently lodged in jail.