Home HEADLINES Odisha chit fund scam: ED dy director arrives in city

Odisha chit fund scam: ED dy director arrives in city

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Odisha Sun Times Bureau
Bhubaneswar, Nov 6:

Deputy Director of the Enforcement Directorate (ED) Ashok Goutam arrived here today in connection with the ED’s ongoing investigations of the Seashore Group, a major player in the multi- crore chit fund scam in Odisha.

seashoregroup

It may be recalled here that the ED was allowed by the Khordha district and sessions court on October 28 to take Prashant Dash, CMD of the Seashore Group, on a 14-day remand for interrogation to trace the money trail.

On September 19, the ED had requested the court to allow it to take Dash on remand. In its order, the court had asked Jeypore jail authorities to produce Dash before it.

On October 24, the Chief Judicial Magistrate’s court Jeypore had allowed Dash to be produced before Khordha district and sessions court on October 28.

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 swindling over Rs 700 crore from the deposits collected from thousands of people across the state.

Established in 2005-06, the Seashore conglomerate forayed into a host of fields including money circulation, real estate, media and gold trading.

The firm executed several projects in partnership with the state government, fuelling allegations of possible patronage given to the firm by some ruling party politicians.

Dash was arrested from Mumbai on June 19, 2013 and has been implicated in 37 cheating cases in various police stations across the state for duping thousands of investors of hundreds of crores by promising hefty returns.