Odisha chit fund scam: CBI court rejects bail petition of former BJD MLA Subarna Naik

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Bhubaneswar, July 3: The special CBI court here, in its ruling, rejected the bail plea of former BJD MLA from Keonjhar Subarna Naik on Thursday evening following a hearing on the bail petition on June 27.
Former BJD MLA Subarna Naik
Naik was arrested by the CBI on November 4 last year on charges of criminal conspiracy in the multi-crore chit fund scam in the state.

He was one of the directors of Nabadiganta Capital Services, a chit fund company which has been accused of duping thousands of investors in the state.

The court rejected the bail plea of Naik after a preliminary chargesheet was filed against him and five others by the CBI.

On the other hand Khurda SDJM court had also rejected the bail plea of Congress leader and businessman Dillip Mohanty, who was earlier arrested by the CBI for his alleged links with chit fund company Artha Tatwa (AT) Group.

According to CBI sources, Dillip had played the role of mediator in order to sell a land at Sundarpada on the outskirts of Bhubaneswar, and in return, he was gifted with a luxurious flat from the AT Group.

Earlier, the CBI had filed a chargesheet against Dillip.

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