Chit fund scam: HC grants bail to former BJD MLA Subarna Naik

Cuttack: The Orissa High Court on Wednesday granted conditional bail to former BJD legislator (Keonjhar) Subarna Naik in Nabadiganta chit fund scam.
The bail was granted against a bail bond of Rs 2 lakh and two sureties of Rs 2 lakh each. The single-bench division of Justice JP Das has barred Naik from travelling out of the state without permission. The former MP has also been asked to cooperate in the investigation process and appear before it on every summon.
The former legislator was one of the directors of Nabadiganta Capital Services. He along with Mayurbhanj MP Ramchandra Hansdah and former MLA Hitesh Bargarti was arrested by CBI on November 4, 2014, for his alleged links with the financial fraud committed by the firm.
Following his arrest, Naik was suspended from BJD on charges of criminal conspiracy in the multi-crore chit fund scam.