Cuttack: In a huge sigh of relief for former BJP MLA Hitesh Bagarti, who was arrested by CBI in connection with the chit fund scam, the Orissa High Court today granted him conditional bail.

The bail was granted against a cash surety of Rs 2 lakh, reports said.

Bagarti, one of the directors of Nabadiganta Capital Services, a major player in the multi-crore scam, was arrested by the central agency on November 4, 2014 over allegations of criminal conspiracy and diversion of funds.

While granting him bail, the High Court has asked him to cooperate in the investigation process.