Court confiscates Rs 650-crore Seashore assets

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Court confiscates Rs 650-crore Seashore assets

Saturday, 27 February 2021 | PNS | CUTTACK

The Odisha Protection of Interests of Depositors (OPID) Court on Friday confiscated the properties worth Rs 650 crore of the Seashore Group, one of the companies involved in the massive chit fund scam in the State.With the court order, all movable and immovable assets of the firm including 197 acres of land, 1385 grams of gold, 2 quintals of silver and bank deposits of Rs 1,88,75,000 were confiscated.

Notably, in 2018, Seashore CMD Prashant Das was arrested in connection with three chit fund cases against him. He is accused of duping thousands of depositors on pretext of high interest rates through chit fund schemes.  

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