HC grants conditional bail to Subhankar Nayak


Cuttack: The Orissa High Court on Tuesday granted conditional bail to real estate broker Subhankar Nayak, who was arrested by the CBI in November 2014 for allegedly being in close nexus with the Seashore Group of Companies directors and liaising with bureaucrats, police and politicians in order to get undue favour for the chit fund company.

Justice JP Das granted the bail to Nayak on bonds of Rs 2 lakh each from two sureties and depositing cash or properties worth Rs 5 lakh with the trial court. Other conditions of the bail shall be imposed as the Special Court of CJM (CBI) at Bhubaneswar may deem fit, informed Nayak’s advocate Dr Ashok Kumar Mohapatra.

Notably, the CBI had seized several incriminating documents and entries made by Nayak in his personal diary during a raid in his Bhubaneswar house on November 18, 2014. CBI sleuths had also seized Rs 14.63 lakh and two gold biscuits weighing 50 grams each from his house. He was booked under several sections of IPC, including 420, 120-B and sections 4 and 5 of the Prize, Chits and Money Circulation Scheme (Banning) Act.

It may also be mentioned that the High Court had earlier rejected two successive bail applications of Nayak in July 2015 and March 2016, respectively. Following this, Nayak had approached the Supreme Court seeking bail. But he preferred to withdraw his application from the apex court earlier this year and preferred another appeal in the High Court.

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