CB moves govt to attach Seashore property for liquidation

Bhubaneswar:  In a major step towards the process to refund duped investors’ money, the Crime Branch (CB) of Odisha police on Monday proposed the state government to attach the properties of Seashore Group for liquidation.
Officials said, supporting documents of as many as nine companies of Seashore and its allied groups have been submitted before the Finance department in this regard.
“We have requested the state government to issue interim attachment order under Section 3 of the recently enacted Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011 so that the properties of Seashore Group can be liquidated and returned to the duped investors," ADG (Crime Branch), BK Sharma told reporters here.  
“We have submitted the requisite property documents of the group’s STV Samachar, Soubhagya Drinks, Seashore Dairy Products, and six others.  Besides, a list of machineries, fittings and equipments belonging to the companies, has also been attached to the proposal for kind consideration of the government,” Sharma added.  
“Besides some buildings and apartment owned by the company, in our proposal, we have also mentioned about the group’s 203 acres of land located in 17 places across the state which are registered with the company and in few cases, with some of its directors,” stated Sharma.  
Officials added, the company’s bank balance to the tune of Rs two crore and the Rs three crore security deposit with Odisha Industrial Infrastructure Development Corporation (IDCO) and Odisha Renewable Energy Development Agency (OREDA) have also been enlisted in the liquidation proposal.
Seashore group had inked an agreement with OREDA for establishment of a solar power plant at Titilagarh while a land deal was inked between IDCO and the group for setting up of a maize processing unit spreading over 100-acre in Umerkote block of Nabrangpur district.
Additional chief secretary (finance) UN Behera said, “We have received a proposal in this regard from Economic Offences Wing of the CB. Soon, an attachment order will be prepared and sent to the ADM for necessary action after approval of the Chief Minister.” 
Seashore group CMD Prashanta Kumar Dash, arrested from Mumbai on June 19, is still behind the bar and as many as 37 cases were registered against him by the police in different districts.

CB suspects that the group embezzled over Rs 1,500 crore public deposits and diverted most of the money in gold trading and other business.