Cuttack: Orissa High Court today granted conditional bail to former director of Artha Tatwa (AT) Group, Jagabandhu Panda in chit fund case.
Panda was granted bail on condition of Rs 10 lakh bank deposit, two sureties of Rs 1 lakh each.
The court also asked the accused to deposit his passport and not to get indulged in similar kind of crime.
Panda, the former director of AT Group, a major player in the Odisha chit fund scam, allegedly embezzled nearly Rs 100 crore from the company before floating another money circulation company named Swastik India along with some former AT Group employees in 2011.
Commissionerate Police had arrested Panda on May 28, 2013 in connection with the Rs 500- crore financial scam perpetrated by the company. He is now lodged in Jharpada jail.