The Economic Offences Wing (EOW) of state Crime Branch has arrested Prashant Das, chairman and managing director of Seashore group, the largest chit fund company operating in the state, from Mumbai today.
He was arrested for cheating and illegal financial transactions.
Sources said, Das will be presented before a court in Mumbai tomorrow and will be brought to Odisha on transit remand.
The Crime Branch last year had raided the company premises and booked Das and five other directors of the company under several sections of Prize Chits and Money Circulation Schemes (Banning) Act of 1978 for allegedly siphoning off public money to the tune of nearly Rs 500 crore into other business. But he managed to avoid the arrest by getting anticipatory bail from the court. Apart from financial business, Das had forayed into hospitality, entertainment, logistics business through several PPP projects.
He was arrested for cheating and illegal financial transactions.
Sources said, Das will be presented before a court in Mumbai tomorrow and will be brought to Odisha on transit remand.
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Earlier, the Crime branch, probing the multi-crore chit fund fraud by Seashore Group, had sealed the head office and branch offices of the scam tainted company and Das' farm houses in Angul and Puri districts.
The Crime Branch last year had raided the company premises and booked Das and five other directors of the company under several sections of Prize Chits and Money Circulation Schemes (Banning) Act of 1978 for allegedly siphoning off public money to the tune of nearly Rs 500 crore into other business. But he managed to avoid the arrest by getting anticipatory bail from the court. Apart from financial business, Das had forayed into hospitality, entertainment, logistics business through several PPP projects.
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