Chit fund scam: Nabadiganta director gets bail

Bhubaneswar: Pradip Patnaik, one of the directors of scam-tainted Nabadiganta Financial Services, has been granted conditional bail by Orissa High Court. As per the bail terms, Patnaik has been asked to deposit Rs 1 crore in bank along with a bail bond of Rs 1 lakh accompanied by two sureties.

Moreover, as per the court instructions, an undertaking mentioning that he would not influence the witnesses, has been sought from Patnaik. The CBI had arrested Patnaik the on October 26 last year along with the company’s CMD Anjan Baliarsingh and another director Kartik Parida.

The company is alleged to have duped investors to the tune of Rs 15 crore in undivided Puri and Cuttack districts through its various branches.