ED moves court over Seashore property

Admin   |   01 April, 2016   |   851   |   3980

Bhubaneswar: The enforcement directorate (ED) on Thursday moved the Khurda sessions court here, seeking confiscation of Seashore Groups assets worth nearly Rs 242 crore. Seashore Group, one of the 44 chit fund companies, whose alleged scams are being probed by the CBI, is accused of cheating investors of more than Rs 500 crore.



"We lodged complaints against the company's managing director, Prashant Dash, and his brother Pravat Dash, seeking their prosecution under the prevention of money laundering act and confiscation of the company's properties, which were attached in 2014-15," an ED officer told TOI.



The attached assets include huge tracts of land (more than 100 acre in different districts), buildings, bank balance of nearly Rs 3.25 crore, around 1.4 kg gold coins and two quintal silver coins. The ED also sought confiscation of Bhubaneswar Institute of Technology (BIT), a private engineering college, on the outskirts of the city in which the Seashore Group invested Rs 9 crore.