Chit Fund Scam: SC Grants Bail To BJD MP Ramachandra Hansda

Bhubaneswar: The Supreme Court on Tuesday granted bail to BJD MP (Mayurbhanj) Ramachandra Hansda, in connection with the Nabadiganta chit fund scam.

Since his arrest on November 4, 2014, Hansda had been languishing in Jharpada Special Jail in Bhubaneswar.

Hansda was the founder director of the Nabadiganta Capital Services, one of the 44 chit fund companies being probed by the CBI by the order of the Supreme Court, had raised Rs 15 crore between August 2011 and 2013 from people promising attractive returns. However, the company managed to return only half of the money till its assets were seized by the Economic Offences Wing (EOW) of the Odisha Crime Branch following complaints by the duped depositors.

The CBI during a raid on Hansda’s house in July 2014 had seized cash worth Rs 28 lakh. The BJD MP had initially claimed that it was his personal money. However, he later said that the money belonged to his supporters.

Soon after their arrest, BJD supremo and chief minister Naveen Patnaik had suspended him from the party.

Prior to his suspension, Hansda was the secretary of the BJD parliamentary party in Lok Sabha.