Bhubaneswar, April 27: Orissa High Court today rejected the bail plea of Seashore Group chairman-cum-managing director Prashant Dash who was arrested over the multi-crore chit fund scam by the Central Bureau of Investigation.
Cases have been filed against Seashore owner Prasant Dash and his brother Pravat for illegal money transactions and duping gullible investors about Rs 3,000 crore.
Prashant was arrested by State Crime Branch from Mumbai on June 20, 2013 and Pravat on January 24, 2015.
The CBI has filed a 276 page charge sheet last year mentioning the names of Prashant, Pravat and middleman Subhankar accusing the ponzi firm of duping people of crore of rupees.
On March 31, the Enforcement Directorate had sought permission from the Sessions Court, Khurda to confiscate Rs 242 crore of the Seashore chit fund company.
The ED has seized over 100 acres of land of the company in Mayurbhanj, Khurda, Puri, Angul and Bhadrak districts and 10 flats in the capital city besides two quintals of silver and 1.385 kg of gold.
With seizure of flour mill at Barunei, oil mill at Betanati and the corporate office at Chandaka, the ED has taken assets worth over Rs 242 crore.
