Odisha chit fund scam: Subarna Naik’s bail plea rejected

Sambad English Bureau Published On : Dec 16, 2014 at 5:05 PM Updated On : Dec 16, 2014 at 5:57 PM

Reported by Santosh Jagdev

Bhubaneswar, Dec 16:

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Subarna Nayak ( pic- Biswaranjan Mishra)

The Khurda district and sessions judge court today rejected the bail petition of former BJD MLA from Keonjhar Subarna Naik, arrested by the CBI in connection with the Odisha chit fund scam.

On December 11, the court had kept its verdict reserved on the bail petition for today.

Naik was one of the directors of Nabadiganta Capital Services and was arrested by the CBI on charges of his links with the financial fraud committed by the Odisha-based chit fund firm Nabadiganta Capital Services on November 4.

The same court has also deferred the bail plea hearing of Shreekrushna Padhi, accountant of Artha Tatwa (AT) group of Company to December 23.