Odisha chit fund scam: Subhankar sent on 10-day judicial custody

Reported by Santosh Jagdev
Bhubaneswar, Dec 1:

The special CBI court here today sent Subhankar Nayak, the wheeler dealer arrested by the CBI in connection with the Odisha chit fund scam, on 10-day judicial custody.

He will now be moved to the Jharpada jail here where many of the accused in the chit fund scam are already lodged.

The bail plea of Nayak, which was to be heard today, could not be heard today as his counsel sought a day’s time to present necessary documents. It will now be heard tomorrow, CBI counsel KC Mishra told OST.

Nayak was produced in the court today at the end of his extended remand period. He was originally sent on a 9-day remand, which ended on November 27. After producing him in the court on November 27, CBI had sought to take him on a fresh five-day remand, which was granted by the court.

Nayak has emerged as a key player in the chit fund scam who used to swing deals on behalf of the Seashore group of companies.

The diaries seized from his house at Chandrama Apartments during the CBI raid here on November 18 reveal that he had paid off several politicians, IAS and IPS officers on behalf of Seashore.

Based on the information gleaned from his diaries, the CBI interrogated two senior IPS officers, west-central range DIG Rajesh Kumar and Kendarpara SP Satish Gajbhiye yesterday.

Hearing on the bail plea of builder Sagar Das, also arrested by the CBI for his links with the Artha Tatwa (AT) group of companies, was also deferred to December 3.

Meanwhile, the Khurda district and sessions court today rejected the bail plea of Mayurbhanj MP Ramchandra Hansda. The court, it may be noted, had reserved its verdict on his bail plea after completing hearing on Saturday.

Hansda was arrested by the CBI for his involvement with the Nabadiganta Financial Services, one of the 44 chit fund companies being probed by the central investigating agency where he was a director.

The CBI had raided his residence in Rairangpur on July 28 and had seized Rs 28 lakh in cash, besides some incriminating documents.