Bail Plea of Former MLA Subarna Naik Rejected

Published: 16th July 2015 03:44 AM  |   Last Updated: 16th July 2015 03:44 AM   |  A+A-

BHUBANESWAR: The court of Khurda district and sessions judge on Wednesday rejected the bail plea of former Keonjhar MLA Subarna Naik who was arrested by the CBI last year for his alleged involvement in the multi-crore chit fund scam.

Naik was named in CBI’s chargesheet against Nabadiganta Financial Services which is alleged to have duped investors of around Rs 9 crore. He had applied for bail in the court of Special CJM (CBI) which was turned down on July 2 following which the former BJD legislator moved the upper court.

Nabadiganta Group had mobilised more than Rs 15 crore from investors across Odisha between 2011 and 2013. Sources said while the ponzi firm refunded around half of this amount, the rest was illegally parked in the company’s accounts to be swindled later.

The CBI had arrested chairman-cum-managing director of the Group Anjan Kumar Baliarsingh and two of its directors Pradip Patnaik and Kartikeya Parida in October last year. BJD MP from Mayurbhanj Ramachandra Hansda and former Nuapada MLA Hitesh Bagarti were also arrested by CBI for their links with Nabadiganta Group.

In another development, DIG of Special Investigation Team, CBI, S Bagchi arrived in the city on Wednesday. He held meetings with agency officials here to take stock of progress of the probe into the scam.

Stay up to date on all the latest Odisha news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp