No relief from High Court for arrested chit fund scam accused

Cuttack: The Orissa High Court today completed the hearing on the bail plea of Seashore Group of Companies director Pravat Kumar Dash and reserved its verdict.

Dash, the younger brother of the company’s CMD Prashant Kumar Dash, was arrested by CBI in January this year in connection with the probe into the multi-crore rupee chit fund scam in the state.

His counsel told Judge Sangam Kumar Sahoo that his client had cooperated with the prosecution earnestly while pleading for bail. CBI counsel opposed it, saying that being a director of the company he might tamper with the evidence at a time when the money trail angle is currently being probed.

The HC adjourned the hearing on Prashant Kumar Dash’s bail application to July 30.

He was arrested by Odisha police’s crime branch from Mumbai in June, 2013 for his alleged role in duping hundreds of investors of around Rs 1200 crore.

Prashant Dash is in jail for over two years and his bail applications have been turned down by several courts repeatedly.

Justice Sahoo, while adjudicating the bail applications, also adjourned the hearings on the pleas made by suspended BJD M P Ramachandra Hansda and former BJP MLA Hitesh Bagarti to July 30.

Both Hansda and Bagarti were arrested in November last year in connection with Nabadiganta chit fund scam.