CBI arrests Seashore Group Director Pravat Dash

The Central Bureau of Investigation (CBI) arrested Pravat Dash, Director of Seashore Securities Ltd in connection with multi-crore ponzi scam in Odisha. He is the brother of Prashant Dash, Chief Managing Director of Seashore Group of Companies. Pravat was also director of around 15 other companies including Seashore Securities Ltd.

According to media reports, Pravat Dash was summoned by the investigating agency for questioning, which later found him swindling funds worth Rs 3 crore. It was reported that funds were misappropriated by Pravat, as Rs 3 crore was transferred to his account. CBI has charged him with criminal conspiracy and financial misappropriation.

On January 9, the Enforcement Directorate (ED) attached Seashore Group’s property worth Rs 84 crore. According to ED investigations, Prashant, chief of Seashore Group, had floated 24 companies and 12 co-operative societies, and these companies duped may investors with promising high returns.