Seashore Group chit fund scam: BJD MLA Biswal sent to 5-day judicial custody

As per Indiatoday, the Choudwar-Cuttack MLA was picked up by the CBI late on Monday night.

Ruling Biju Janata Dal (BJD) MLA Prabhat Biswal was produced in CBI Court in connection with the Rs 500 crore Seashore Group chit fund scam. He has been sent to 5-day judicial custody. He was arrested by CBI on Monday night.

Biswal and his wife were quizzed by the CBI in November 2016 over a land deal with Seashore Group chief Prashant Dash. They had sold a land to the Seashore Group for a hefty amount and could not explain the details of the illegal transactions to the CBI.

Bhubaneswar (Odisha): BJD MLA Pravat Ranjan Biswal produced in CBI Court in connection with Seashore Chitfund scam case pic.twitter.com/5Sq76Sg7Tr

— ANI (@ANI) September 19, 2017

Seashore Group is one of the 44 ponzi companies in Odisha which came under the scanner of CBI and ED following an order of the Supreme Court to probe their finances and transactions.

A number of cases have been registered against nine companies of the Seashore Group.

ED registered a case against it in 2014. The central probe agency has earlier attached property worth Rs 242 crore of the group under PMLA.

ED had filed a charge sheet in connection in the case in April 2016. The chargesheet named Managing Director of Seashore group of companies Prashant K Dash and his brother Pravat Kumar Dash under provisions of the Prevention of Money Laundering Act.

(With agency inputs)