Bhubaneswar: The bail application of former MLA Subarna Nayak was rejected today by the special chief judicial magistrate court (CBI )in Bhubaneswar in connection with the Nabadigant chitfund scam. Nayak had sought the bail after CBI chargesheeted him in the ponzi scam.
In another development, the central bureau of investigation (CBI) filed the preliminary chargesheet in the Zodiac Foundation financial fraud case.
The chargesheet named three officials of the ponzi firm-Dandapani Sethy, Gagan Bihari Behera, and Subash Mohanty and mentioned a fraud of over Rs 51 lakh.
Dandapani Sethy is already behind the bar while Gagan Bihari and Subash were released on bail.