Bhubaneswar: The Supreme Court today granted bail to Pravat Das, director and brother of the Chief Managing Director (CMD) of the Seashore Group of companies in the multi-crore chit fund scam case.
Hearing the bail plea of Das, the Supreme Court criticised the Central Bureau of Investigation (CBI) for its slow pace of probe into the chit fund scam in spite of taking three extensions from the apex court.
The apex court also disapproved Orissa High Court’s decision to quash the bail plea of the accused terming it as unwarranted.
Speaking exclusively to OTV, Pravat’s counsel Suresh Tripathy said even though the apex court has granted bail, a lower CBI trial court will impose the necessary conditions of the bail and then Pravat would be released.
Pravat was one of the directors of the Seashore group and headed as many as 15 different companies under the ponzi firm. He was arrested on January 24, 2015 for his alleged involvement in swindling funds to the tune of Rs 3 crore through his bank accounts though he had pleaded innocence in the matter. He has been charged with criminal conspiracy and financial misappropriation under the Prevention of Money Laundering Act-2002.