Odisha Chit Fund Scam: Court Directs For Confiscation Of Properties Of Seashore Group Worth Rs 650 Crore

Cuttack: In a major setback for the Seashore Group of Companies, the Odisha Protection of Interests of Depositors (OPID) court here on Friday directed for the confiscation of the properties of the company for its involvement in a major chit fund scam in the State.

The special OPID court directed the State government to confiscate all movable and immovable properties of the Seashore Group of Companies which is expected to be worth around Rs 650 crore.

Sources said that the movable and immovable properties of the chit fund company which is to be confiscated involve 197 acres of land, 1385 grams of gold, 200 kgs of silver and 1.89 crore of rupees kept in banks.

It is to be noted here that the company had collected around Rs 578 crore from investors between 2006 and 2011. It has assured the depositors to offer a 36 per cent interest per annum against their deposits. However, the Supreme Court of Indian in 2014 ordered an investigation into the chit fund scam after thousands of duped depositors filed complaints.

Later, the CBI started an investigation into the matter and filed two charge sheets before a CBI court and accused Seashore chief Prashant Dash and his brother Prabhat of misappropriation of funds.

The matter is still under trial.