The Orissa High Court today granted bail to former Managing Director Pradip Kumar Hota of Agricultural Promotion and Investment Corporation of Odisha Ltd, arrested by the CBI last year for his alleged links with Seashore Group, a chit fund company.
Hota was granted bail by Justice J P Dash on a bail bond with two sureties of Rs 2 lakh each.
He was asked not to leave Odisha without prior permission from the CBI investigating officer and cooperate with him as and when required.
During his tenure as APICOL's MD from November 2007 to May 2010, Hota had signed several MoUs with Seashore Group which is embroiled in the chit fund scam.
It was also alleged that he had received around Rs 20 lakh from the chit fund company.
The CBI in its charge sheet filed against Hota in October last year had mentioned that the money he received from the Seashore Group was transferred to his wife's bank account by falsely showing her as an employee of APICOL.
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