Conditional bail for ex-director of AT Group

CUTTACK: Orissa High Court on Friday granted conditional bail to former director of Artha Tatwa (AT) Group, Jagabandhu Panda in a chit fund case. Panda was granted bail on bank deposit of `10 lakh and two sureties of `1 lakh each. The High Court’s single bench of Justice BK Nayak which heard Panda’s bail petition and granted the conditional bail has also asked Panda to deposit his passport and not to indulge in similar kind of crime.

Panda, the former director of AT Group, had allegedly embezzled nearly `100 crore from AT Group of Companies before floating another money circulation company, Swastik India along with some former AT Group employees in 2011.Panda, who was arrested in May, 2013 in connection with the `500 crore financial scam, perpetrated by the company is now in Jharpada jail.