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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.

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