CB on sealing spree of Seashore assets

Bhubaneswar: Ten days after sealing Seashore Group’s headquarters here at the state capital, the economic offences wing (EOW) of the State Crime Branch continued its asset seizure exercise on Wednesday and sealed three more properties of the group in Angul.

According to officials, the properties confiscated include the company’s multipurpose co-operative society office, a workshop and an office of its real estate division.  

The CB so far has sealed six premises of the group including its headquarters, a dairy farm at Jagatpur, a mineral water bottling plant and two rice mills. The CB has also seized an SUV of the company and Rs 2 crore bank deposits, officials said.

Earlier in the day, the investigating sleuths raided the co-operative society office of the company and vetted documents related to all financial transactions. Sources said, the officials have seized some ‘incriminating’ documents of the group before sealing it.

On Tuesday, the officials had sealed as many as five properties of the company in Angul and Cuttack during simultaneous raids. While a 15-acre farm house of the company was taken under the control of the agency following public clamour, an establishment which the company was using as cold-storage was also sealed along with another office in Angul.

The Tuesday move followed a mass demonstration by above hundred investors who had gathered in the farmhouse and demanded their invested money be returned.

The Cuttack properties confiscated by the EOW yesterday include a multi-purpose co-operative office and an entertainment unit (music office).

Seashore Group which had spread its businesses into multiple sectors is believed to have mopped up several hundreds of crores rupees from the public.

“Keeping in mind the investors’ interests, we want to seize properties of such so that in the event of a direction for liquidation from a court of law in future, the same can be auctioned and the proceeds used to pay off the duped investors” a CB officer said.

In July last year the CB had raided the company premises in Bhubaneswar and booked Das and five other directors for allegedly diverting public money to the tune of nearly Rs 500 crore to other businesses.