HC Bail for Nabadiganta Chit Fund Scam Accused

Published: 14th July 2015 03:50 AM  |   Last Updated: 14th July 2015 03:50 AM   |  A+A-

CUTTACK: The Orissa High Court on Monday granted bail to Director of Nabadiganta Capital Services Ltd Pradip Patnaik, an accused in the multi-hundred crore chit fund scam.

A single judge bench comprising Justice Raghubir Das granted the conditional bail with a direction to deposit cash security of Rs 1 crore in the form of Bank Guarantee and Rs 1 lakh with two surety for the like amount.

The court observed that since CBI has already filed the chargesheet against the petitioner, his custody may not be required any further.

The CBI had arrested Mayurbhanj MP Rama Chandra Hansdah, two former MLAs Hitesh Bagarti and Subarna Naik along with the company’s CMD Anjan Baliarsingh and two directors including Patnaik and Kartikeya Parida.

The CBI chargesheet stated that they had cheated more more than Rs 8.3 crore from investors by floating four companies under Nabadiganta Capital Services Ltd.

Nabadiganta is believed to have mobilised over Rs 100 crore from investors by promising attractive returns.

The rest five accused are still in jail.

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