The Orissa High Court today granted bail to former BJD legislator Subarna Naik, who was arrested by the CBI in November 2014 in connection with his alleged involvement in a chitfund scam. Justice J P Das, who had earlier turned down the bail application of Naik in January 2016, allowed his plea this time after the CBI submitted the final charge sheet against him. Naik, who was BJD MLA from Keonjhar seat from 2009 to 2014, was granted bail on condition that he shall deposit Rs 2 lakh in any nationalised bank, receipt of which will be submitted with the CBI court and go on bail after furnishing two bail bonds of Rs 2 lakh each. A diploma engineer-turned political leader, Naik was the director of Naba Diganta Capital Services at the time of his arrest.
The company, with which Naik was associated, had allegedly amassed over Rs 15 crore from small investors by opening branches across the state.
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