Cuttack: The Odisha Protection of Interests of Depositors (OPID) Court on Friday confiscated the properties worth Rs 650 crore of Seashore Group, one of the companies involved in the massive chit fund scam in Odisha.
With the court order, all the movable and immovable assets of the firm including 197 acre land, 1385 gram gold, 2 quintal silver and Rs 1,88,75,000 bank deposits were confiscated.
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. Later he was released on bail.
Das was first arrested by Crime Branch of Odisha Police from Mumbai on June 20, 2013 after the Rs 500 crore Seashore Group chit fund scam surfaced.