Home ODISHA LATEST Odisha HC grants conditional bail to Nabadiganta director

Odisha HC grants conditional bail to Nabadiganta director

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Odisha Sun Times Bureau
Cuttack, Jul 13:

The Odisha High Court today granted conditional bail to Pradip Patnaik, a director of the Nabadiganta Financial Services, a chit fund company accused of duping thousands of investors in the state.

Odisha High Court
Odisha High Court

The company is currently being investigated by the CBI as part of its ongoing investigation into the mega chit fund scam in the state.

The court, in its order, has asked Patnaik to deposit Rs one crore in the bank apart from executing a bail bond of Rs one lakh with two sureties. Patnaik has to give an undertaking that he would not influence witnesses’.

The CBI had arrested Pradip Patnaik, Anjan Kumar Baliarsingh, chairman-cum-managing director (CMD) and another director of the company, Kartikeya Parida on October 26, 2014.

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, Biju Janata Dal (BJD) MP from Mayurbhanj, Subarna Nayak, ex-BJD MLA from Keonjhar and Hitesh Bagarti, former Nuapada MLA of Bharatiya Janata Party (BJP) were arrested by the CBI for their alleged involvement in the affairs of the chit fund company and are presently lodged in jail.

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

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