SC rejects Seashore director Prabhat Das’ bail plea

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New Delhi/Bhubaneswar: The Supreme Court today rejected the bail petition of Seashore CMD Prashant Das’ brother Prabhat while directing the Central Bureau of Investigation (CBI) to complete the probe related to Prabhat by the end of May.

Prabhat was the director of Seashore Securities Ltd, one of the sister concerns of Seashore Group of Companies, and was arrested by the Central probe agency in January last year for his alleged involvement in swindling funds to the tune of Rs 3 crore. He has been charged with criminal conspiracy and financial misappropriation.

The CBI had filed the charge-sheet in the mega scam in Special CBI court on March 7, 20015.The charge-sheet mentioned that Seashore CMD Prashant Dash and his brother Prabhat embezzled about Rs 578.2 crore, collected from investors between 2006 and 2011

“Seashore accepted deposits from all over Odisha without the permission of RBI and SEBI. The company promised monthly interest of 2%. It had cumulative profit of only Rs 6,33,11,221 as on March 31, 2011, which shows that the company had no commensurate business to repay the collected amount from the public,” the charge sheet had said.

“With a view to pay the interest to the first lot of depositors, the company collected money from the second lot of depositors which is nothing but a fraudulent pyramid style marketing scheme,” it added. “The interests paid are only from the deposits of the public and not from the profit of the company. Dash siphoned off huge money to his other group of companies,” the charge sheet had stated.

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