The Odisha High Court on Wednesday refused to grant bail to chit fund scam accused Subhankar Naik, who was arrested by the CBI in November last year.A single-judge Bench of Justice Raghuvir Dash was not inclined to grant bail to the petitioner after the CBI counsel vehemently opposed the plea. The CBI counsel contested the bail plea, saying that the investigating agency is still perusing certain incriminating documents seized from possession of Naik, who was acting as a broker of the Seashore chit fund company.