The Orissa High Court today granted conditional bail to real estate broker Subhankar Nayak, who was arrested by the CBI in November 2014 for alleged nexus with directors of Seashore Group of Companies.
Nayak was allegedly liaising with bureaucrats, police and politicians in order to get undue favour for the chit fund company.
Justice J P Das of the High Court granted bail to Nayak on a bond of Rs two lakh and two sureties of the like amount. He was also directed to deposit cash or property worth Rs five lakh with the trial court.
CBI had seized several documents and entries made by Nayak in his personal diary during a raid at his Bhubaneswar house on November 18, 2014.
The investigating agency had also seized Rs 14.63 lakh and two gold biscuits weighing 50 gm each. Nayak was booked under various sections of IPC and those related to Prize, Chits and Money Circulation Scheme (Banning) Act.
The Orissa High Court had earlier rejected two bail applications of Nayak in July 2015 and March 2016.
Following this, Nayak approached the Supreme Court for bail but withdrew his application earlier this year and made another appeal to the High Court.
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