State

Odisha chit fund scam: Seashore chief on 14-day CBI remand

Bhubaneswar, Nov 11: A special CBI court in Odisha Monday allowed the CBI to take Prashant Dash, chairman and managing director (CMD) of Seashore Group, on a 14-day remand to probe the multi-thousand-crore-rupee chit fund scam in the state.

While the Central Bureau of Investigation (CBI) had sought a 15-day remand, the court allowed only 14 days, said a CBI official.

Earlier, the Enforcement Directorate (ED) had taken Dash on 14-day remand for interrogation on the money trail. The ED had presented him in the Khordha district sessions court after the remand period ended Monday.

Established in 2005-06, the Seashore Group entered into money circulation, real estate, media and gold trading in the short span. It also signed MoUs with Odisha government in various sectors including tourism and health.

The CBI had conducted raids at various places of the company across the state including his houses and got substantial documents.

Dash, however, denied duping any depositors.

"I have not cheated any one. The state government had signed several MoUs with my company in areas like cooperatives, tourism and health. I am sure the government must have ascertained the credentials of the company before doing so. But, I don't know why I was arrested," Dash told media persons before he was presented in the court.

The state police had conducted raids on the company before Dash was arrested in Mumbai June 19, 2013. Seashore is believed to have defrauded the depositors in the state of about Rs.1,500 crore.

This story has not been edited by Firstpost staff and is generated by auto-feed.

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