Chit fund scam: SC grants bail to BJD MP

New Delhi, Jul 4: The Supreme Court granted bail to Biju Janata Dal's Lok Sabha MP Ram Chandra Hansdah in connection with an alleged case of chit funds scam relating to Nabadiganta Capital company.

A bench of Justices A K Sikri and Ashok Bhushan granted the relief to Hansdah after noting his lawyer's submission that the lawmaker was behind bars for around four years while some of the co-accused have already been granted bail.

"Having regard to all the attending circumstances, we are of the opinion that the petitioner should be released on bail during trial on the terms and conditions which shall be imposed by the trial court," the bench said.

While seeking bail, Hansdah, an MP from Mayurbhanj in Odisha, had told the court that out of the eight accused, four had pleaded guilty and were awarded three years rigorous jail term, whereas he has remained in prison for around four years.

He also submitted that three accused have been granted bail during the trial.

The CBI had opposed his bail application, saying the accused was chargesheeted under the provisions of Prevention of Corruption Act and other relevant offences.

The apex court was hearing an appeal filed by the politician against an order of the Orissa High Court which had on March 20 denied him bail.

The CBI had in February 2015 filed a charge sheet against Hansdah and others for the alleged charges of cheating, punishable under Indian Penal Code, and various provisions of Prize Chits and Money Circulation Schemes(Banning) Act.

He was one of the founding members of Nabadiganta Capital Service. He had resigned from the company in 2012.

Hansdah has denied all the allegations.

The agency had raided Hansda's house at Baripada in July 2014 and allegedly seized Rs 28 lakh.

The MP, however, had said that the money recovered from his residence was his personal property and had nothing to do with a ponzi firm accused of duping investors.