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Odisha chit fund scam: SC rejects bail plea of Seashore director Pravat Dash

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Odisha Sun Times Bureau
New Delhi/Bhubaneswar, Feb 5:

The Supreme Court today rejected the bail plea of one of the directors of Seashore Group of Companies Pravat Kumar Dash and directed the Central Bureau of Investigation (CBI) to complete the investigation against the petitioner by this May.

Supreme Court

Adjudicating over the bail petition, the apex court rejected the plea and directed the central investigating agency probing the multi-crore rupee chit fund scam in the state to wind up the probe against Seashore Group of Companies CMD Prashant Kumar Dash’s brother—Pravat—by May end this year.

Almost a year after he was arrested, Dash moved the apex court seeking relief. Earlier, the Orissa High Court and lower courts had rejected his bail pleas.

Pravat is accused of embezzling funds to the tune of Rs 3 crore. He was Director of as many as 15 ventures of the Seashore Group of Companies including Seashore Securities Ltd, which had collected investments from investors from across the state assuring them of high returns.

Pravat was arrested on January 24 last year following marathon round of interrogation at CBI headquarters in Odisha capital.

Pravat has been cooling heels behind bars since then.

The CBI had filed the charge-sheet in the mega chit fund scam in Special CBI court on March 7 last year.