ED Attaches Seashore Group Assets

Published: 10th January 2015 06:04 AM  |   Last Updated: 10th January 2015 06:04 AM   |  A+A-

BHUBANESWAR: The Enforcement Directorate (ED) on Friday attached Rs.84 crore worth of assets of Seashore Group of Companies which is a major player in the chit fund scam.

The attachment order passed by the agency included the Bhubaneswar Institute of Technology (BIT), a city-based technical institution, valued at about Rs.9 crore.

The Ponzi firm’s land at Angul, Sambalpur, Balangir and a flour mill at Cuttack have also been attached by the ED. The combined value of these immovable property are estimated at Rs 81 crore. Besides, cash to the tune of Rs.3.25 crore was also attached by the ED.

This is the second attachment carried out by the ED of the Prashant Dash-headed Seashore Group of companies. Dash had pumped in about Rs.9 crore in BIT, which was established jointly by a group of US-based Odia entrepreneurs and software professionals. The technical institute was also raided by the CBI last year.

Earlier on December 4, the ED has attached Rs.158 crore worth of property belonging to the Seashore Group.

The total value of assets attached by the ED now stands at Rs.254 crore.

The ED in its investigation had found that Dash had floated 24 companies and 12 co-operative societies through which it allegedly defrauded thousands of investors by floating deposit schemes promising high returns and interest.

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