Chitgate: HC rejects bail plea of Subhankar

Cuttack: The Orissa High Court today rejected the bail plea of businessman Subhankar Nayak, who was arrested by Central Bureau of Investigation (CBI) on November 18, 2014 for his alleged involvement in multi-crore Seashore chit fund scam.

In its verdict, the court said, bail cannot be granted to Nayak as investigation is on over several incriminating documents relating to chit fund scam which were seized from his possession.

However, Justice Raghuvir Das has asked the central probe agency to complete the examination of the documents seized from Nayak within a period of three months.