Cuttack: The special court here on Monday has rejected the bail plea of Sudhanidhi Patnaik, Director of Apollo Infra Projects Private Limited, a multi-crore chit fund scam in the state.
The court turned down the bail application as it felt that the accused would influence the investigation.
According to sources, the tainted company had reportedly cheated around Rs 3 crore from various investors on the pretext of providing them with flats and plots in and around Bhubaneswar at affordable prices. The firm had floated various attractive schemes through its offices in Bhubaneswar and various parts of the state.
Earlier, the Economic Offence Wing(EOW) of the Crime Branch had arrested two of it’s Directors named, Sudhanidhi Pattnaik, Abanikanta Mishra on December 23 in the connection of cheating the innocent investors with a promise of providing land and flats.