Orissa HC denies Bail to Chit fund accused Subhankar

The Orissa High Court on Wednesday rejected the bail plea of Subhankar Nayak, who was arrested by the CBI for his alleged links with Seashore Group’s multi-crore chit fund scam.

The High Court said that the bail plea of Subhankar can’t be granted since several documents, seized from his possession, are under examination by the CBI.

The court also directed the central agency to complete the required examination of all the documents seized from Subhankar within three months.

Subhankar was arrested by the CBI on Nov 18, 2014 after a raid on his Bhubaneswar based house, where the investigating agency had seized Rs 16 lakh cash, two gold coins and several documents.

The CBI arrested Subhankar as prima facie evidence was found that money from Seashore group was being channeled through him. He is currently lodged in Jharpada jail in Bhubaneswar.