Chit fund: Ex-BJD MlA's bail plea rejected

like the Special Chief Judicial Magistrate’s (CJM) order earlier, the District and Sessions Court, Khordha, on Wednesday rejected bail plea of former Keonjhar BJD MlA Subarna Nayak, who was arrested by the CBI in connection with the chit fund scam.

Nayak, who was arrested on November 4 last along with Mayurbhanj BJD MP Ramachandra Hansdah and former BJP MlA Hitesh Bagarti, was one of the directors of chit fund firm Nabadiganta Capital Services. The CBI had filed a chargesheet against Nayak along with other five persons, including the two politicians, in the Nabadiganta case.   

The CBI had also arrested company CMD Anjan Kumar Baliarsingh and directors Pradip Patnaik and Kartikeya Parida on October 26 last. Two days back, the Odisha High Court has granted conditional bail to Patnaik. The CBI has mentioned in its preliminary chargesheet that the company duped investors of around `9 crore through its branches located in various places of the State.