Orissa HC grants conditional bail to chit fund case accused

The Midas Touch company had allegedly duped hundreds of investors. Director Nirupama Samal and her husband and managing director Soubhagya Samal were arrested from Gujarat in June 2016.

The Orissa High Court has granted conditional bail to a company director arrested by the Central Bureau of Investigation (CBI) in a chit fund case.

The Orissa HC, while allowing the bail application, directed chit fund case accused Nirupama Samal to produce a bank surety of ₹2 crore and furnish bail bonds of ₹2 lakh each with two sureties. (Picture for representation)

Nirupama Samal was arrested along with her husband and managing director of the company, Soubhagya Samal, from Gujarat in June 2016.

The Midas Touch company had allegedly duped hundreds of investors from Odisha.

Allowing the bail application, Justice SK Mishra on Monday directed Nirupama to produce a bank surety of ₹2 crore and furnish bail bonds of ₹2 lakh each with two sureties.

She was also asked to deposit her passport with the investigating officer and cooperate with the investigating agency, as and when required. Her husband is still in CBI custody.

The couple had apparently gone underground, after Odisha police booked them in 2013 under several sections of Indian Penal Code (IPC0 and Prize Chits and Money Circulation Schemes (Banning) Act.

The case was handed over to the CBI in 2014 following orders from the Supreme Court.