BHUBANESWAR: The court of Special CJM (CBI) on Monday rejected the bail application of Pravat Dash, brother of Seashore Group chief Prashant Dash.
Pravat, who was a Director of Seashore Securities, one of 15 arms of the parent company, was arrested by the CBI on January 24 for his alleged involvement in the multi-hundred crore ponzi scam.
The probe agency, sources said, had enough evidence that `3 crore of the Group’s funds, which was transferred to Pravat’s accounts, was misappropriated.
Pravat is likely to move the higher court challenging the CBI court’s order. Pravat was sent back to Bhubaneswar Special Jail following the court’s order.