The Orissa High Court today refused to grant bail to chit fund accused Subhankar Naik who was arrested by CBI in November last year.
Justice Raghuvir Dash refused bail to Naik after the CBI counsel opposed his plea.
The CBI counsel contested the bail plea saying that the investigating agency is still perusing certain documents seized from Naik's possession who was acting as a broker of Seashore Company.
