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Odisha chit fund scam: Court allows CBI to take Seashore CMD on 14-day remand

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Odisha Sun Times Bureau
Bhubaneswar, Nov 10:

The Special Chief Judicial Magistrate Court here today allowed the CBI team investigating the mega chit fund scam in Odisha, to take the chairman and managing director of the ponzi firm Seashore Group, Prashant Dash on a 14-day remand.

Prashanta Dash, CMD, Seashore Group
Prashanta Dash, CMD, Seashore Group
Dash, who was earlier taken on 14 day remand by the Enforcement Directorate (ED)for interrogation on the money trail part, was produced earlier before the Khordha district sessions court after the remand period ended today.

On September 26, the CBI had raided eight premises of Seashore in Dhenkanal and Baleswar districts to collect evidence against the group.

A day before that, on September 25, the CBI had raided 29 places, including the houses Prashant Dash at Jharpada in Bhubaneswar, a senior official of the company and former director of STV Gopal Chandra Sahu at Sarua near Khordha and another senior official at Bharatpur in the state capital.

It may be noted that while 6.5 lakh people were duped of Rs 4,375 crore between January 2012 and June 2013 by several chit fund companies, the Seashore Group alone is accused of embezzling over Rs 1,500 crore worth of deposits from thousands of people across the state.