Nabadiganta ponzi scam: Orissa HC grants bail to Ex-MLA Hitesh Bagarti

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Cuttack, Oct 31: In a sigh of relief for former MLA Hitesh Bagarti who has spent almost three years in jail, the Orissa High Court today granted him bail in connection with Nabadiganta chit fund scam.

The court also directed him to deposit a sum of Rs 2 lakh for the bail.

Bagarti, a former BJP legislator from Nuapada assembly constituency, was arrested by CBI in November, 2014 for his alleged involvement in the multi crore scam.

Earlier on August 9, the Orissa High Court bench led by Justice JP Das had granted bail to Ex-MLA Keonjhar, Subarna Nayak in connection with the ponzi scam.

Nayak was arrested and charge framed by CBI in February, 2015 for his alleged involvement in the Nabadiganta 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.

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