The Orissa High Court on Tuesday refused to grant bail to newspaper owner Madhu Mohanty, who is in CBI custody since September 15 for his alleged links with multi-crore chit fund scam in Odisha.
Justice Sangam Kumar Sahoo, who had reserved the verdict on the bail application of Mohanty on November 26 after completion of the hearing, pronounced the judgment and rejected the bail application on the ground that the CBI has kept the investigation in the case open, although the preliminary charge sheet against him was filed on December 11.
Mohanty, a vernacular daily owner is facing charges under section 120-B, 406, 409, 411, 420, 468 and 471 of IPC and under sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act of 1978.
Mohanty had approached the High Court last month after his bail applications were rejected.
