Odisha chit fund scam: Seashore director arrested

The director of as many as 15 ventures of the Seashore group, Pravat Dash, the brother of group chief Prashant Dash, was arrested Saturday for his alleged link to the chit fund scam in Odisha.

The Central Bureau of Investigation (CBI) arrested Pravat Dash after questioning him Saturday morning.

He is accused of embezzling about Rs.3 crore which was transferred to his account from Seashore. He is the director of Seashore Securities Ltd which had collected money from investors in the state assuring them of high returns.

Pravat Dash, however, pleaded his innocence in the matter. "I don't have any involvement in the misappropriations," Pravat told media after his arrest.

His counsel Bijay Kumar Kar said his client has been granted anticipatory bail in several cases and the arrest is not proper.

"The investigating officer said that he was arrested in a fresh case. Some funds were transferred to his account regarding a land deal at Angul for which payments were done through cash as well as cheque," said Kar.

Seashore CMD Prashant Das is in jail for duping thousands of people in the state. The CBI is inquiring into the multi-crore chit fund scam and several politicians are being investigated for their alleged involvement in the scam.