The Orissa High Court on Tuesday granted bail to Bhubaneswar-based builder Sagar Kumar Ray who was arrested by the CBI in November last year in connection with his alleged links with chit fund company Arthatatwa (AT) Group.
Ray would be the fourth person to walk free on bail from among the 20 persons arrested by the CBI.
The agency is probing into the multi-crore chit fund scam in the State since last July following a directive from the Supreme Court.
Earlier, former advocate general Asok Mohanty, BJD MLA Pravat Tripathy and his associate Ranjan Das managed to obtain bails from different courts after their arrest.
Justice Raghubir Dash gave bail to Sagar Ray after depositing an amount of Rs.5 crore in any nationalised bank as surety and furnishing two property sureties having solvency of Rs.10 lakh each.
He has been asked to surrender his passport and not leave the country. Ray had invested in the Odisha Cricket Association-organised Odisha Premier League cricket tournament in 2011 sponsored by the AT Group.
Sagar Kumar Ray the fourth person to walk free from those arrested by the CBI
