Bhubaneswar, July 8: The Odisha High Court today has rejected the bail plea of fixer and real estate broker Subhankar Nayak in connection with the multi-thousand crore chit fund scam in the state.
Court said, Subhankar cannot be allowed to go on bail at a time when several important documents seized from his possession are under examination.
However, the single-member bench of Justice Raghuvir Das directed the CBI to complete its examination of documents seized from Subhankar within three months.
CBI counsel V Narsingh argued before the court that he should not be granted bail since several incriminating documents, including a diary containing the names of several influential politicians and bureaucrats, seized by the central investigative agency from Subhankar are being examined.
Previously, Subhankar arrested by the CBI for his alleged links with Ponzi firm Seashore Group November 18, 2014, hours after his house in Chandrama Apartments here was raided.
Subhankar is currently lodged in Jharpada jail in Bhubaneswar.