The vacation bench of Justice B K Nayak allowed the application for bail with one security and bail bond of Rs one lakh.
Babu's counsel Satyabrata Pradhan claimed in the court that his arrest was politically motivated and no criminal offence was made out against him.
He was arrested on May 1, 2013, for alleged financial irregularities when he was the President of Odisha State Cooperative Bank in 2010.
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