Cuttack: The Odisha High Court on Thursday reserved its verdict on the bail plea of Prashant Dash, CMD of Seashore Group of Companies.
The court reserved its verdict after hearing the plea from the counsel of Dash and the CBI counsel.
Pleading on behalf of Dash, his counsel said Dash was arrested by the Crime Branch police at the time when the deposits of the investors was about to mature.
“While the Crime Branch had begun investigation into the chit fund case, the case was later taken up by the CBI. But as the Central investigating agency has not been able to gather evidence against the Seashore Group and the investigation is nearing completion, there is no problem for the court to grant bail to Dash,” he contended.
However, the CBI counsel said the Supreme Court has rejected the bail plea of Pravat Dash, one of the directors of the Seashore Group, who had played a major role in the management of the company which was done as per the directive of Prashant.
“As the apex court has rejected Pravat’s bail plea, there is no ground to grant bail to Prashant,” he pointed out.