While hearing the case pertaining to the links between former Choudwar-Cuttack MLA Pravat Biswal and Chit fund company Seashore, the Orissa High Court on Tuesday directed the CBI court to frame charges in two months and conclude the hearing within one year.
Biswal had moved the High Court requesting direction for dropping his name from the charge sheet prepared by the CBI and quashing the FIR.
The CBI arrested Biswal in September 2017 for his alleged link with the Seashore company. The CBI had arrested the three-time MLA in connection with a dubious land deal worth Rs 25 lakh with Seashore Group chief Prasant Dash, in which the deal was camouflaged as a genuine business transaction through the account of Biswal's wife Laxmibilasini.
The Seashore chit fund company was accused of duping investors to the tune of Rs 1,000 crore by promising high returns.
The Enforcement Directorate(ED) on July 30, 2022, attached movable and immovable assets worth Rs. 3,92,20,000 belonging to Biswal under the Prevention of Money Laundering Act (PMLA), 2002.