Home CRIME Odisha chit fund scam: HC rejects Seashore chief’s bail plea

Odisha chit fund scam: HC rejects Seashore chief’s bail plea

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Odisha Sun Times Bureau
Cuttack, Apr 26:

The Orissa High Court today rejected the bail plea of Ponzi firm Seashore Group chairman Prashant Dash.

Prashant Dash

The court said allowing Prashant to go on bail in the current situation would affect investigations.

The court, however, told him that he can apply for bail again after the complete charge sheet in the case is filed.

The court had conducted a hearing on Prasant’s bail plea on February 11 and had kept its verdict reserved.

Prashant’s lawyer had then contended that his client was arrested at the time when deposits of investors of his company were nearing maturity. It was the Crime Branch which was investigating the case first and later it is being investigated by the CBI. None of them have found credible evidence against his client despite the investigation nearing completion, he had added. Therefore, there was no obstacle in allowing his client to be released on bail, he had argued.

On the other hand, the CBI’s counsel had contended that since the Supreme Court has rejected the bail application of Pravat Dash, another director of Seashore Group who had a lesser role than Prashant in managing the company, hence he should not be allowed to go on bail.