Nabadiganta ponzi scam: Orissa HC grants bail to ex-MLA Subarna Nayak


Cuttack: The Orissa High Court bench lead by Justice JP Das today granted bail to Ex-MLA Keonjhar, Subarna Nayak.

Earlier, Nayak was arrested and charge framed by CBI in February, 2015 for his alleged involvement in the Nabadiganta ponzi scam for defrauding public deposits woth Rs 8.3 crore.

Notably, Kartikeya Parida, Director of Nabadiganta Capital Services Ltd was sentenced to three years of rigorous imprisonment on May 19 for duping investors in the ponzi firm.

Parida, who was lodged at Special Jail here in Jharpada, had also been slapped with a fine of Rs 15,000 besides the jail term by the Special CJM (CBI). Parida was convicted under Sections 409 and 420 of the IPC and awarded jail term of three years and two years respectively. Both the punishments would run concurrently, the order stated.

He was arrested by the CBI in 2014 along with the company’s CMD Anjan Baliarsingh and director Pradeep Patnaik. On May 13, the court had sentenced Baliarsingh to three years of jail term and Rs 15,000 penalty besides directing the company to pay a compensation of Rs 10 crore.

Six accused in the case, including Lok Sabha member Ramchandra Hansdah and former MLAs Hitesh Bagarti and Subarna Naik, were charge framed by CBI in February, 2015.


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