Odisha BJD MLA under probe for chit fund links, gets bail | india | Hindustan Times
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Odisha BJD MLA under probe for chit fund links, gets bail

india Updated: Sep 30, 2014 15:56 IST
Priya Ranjan Sahu
Priya Ranjan Sahu
Hindustan Times
Orissa high court

The Orissa high court on Tuesday granted anticipatory bail to Biju Janata Dal legislator and former government chief whip Prabhat Tripathy, who is being probed by CBI for his alleged links to chit fund scam.

“The high court granted bail to Tripathy because the CBI failed explain any ground for his arrest,” the BJD leader’s lawyer Pitambar Acharya said.

The bail is valid till October 13, when the matter would come up for further hearing after the Durga Puja vacation.

This is a temporary relief for Tripathy against any move by the CBI to arrest him on his alleged involvement with Odisha based chit fund company Artha Tatwa (AT) group, which has allegedly duped hundreds of crores of rupees from thousands of depositors.

On August 16, the CBI had raided Tripathy’s residential premises in Cuttack and his constituency Banki.

On September 15,Triapthy moved the high court for the anticipatory bail apprehending arrest. A day later, the central investigation agency interrogated him for more than five hours.

The chit fund scam in Odisha is said to be worth thousands of crores of rupees. It came to light two years back after many depositors complained that several chit fund companies swindled them of their hard earned money after promising high return on their deposits.

The Odisha government had ordered a probe into the scam by the state police.

In May this year, the Supreme Court ordered the CBI to probe the scam. The CBI has registered more than 40 cases against chit fund companies in Odisha.

CBI has so far arrested six persons, including former state advocate general Ashok Mohanty and three media house owners. Mohanty was granted bail by a Bhubaneswar court on September 26, four days after he was arrested.