The Orissa High Court today granted bail to Prashant Dash, CMD of Seashore Group of Companies, in three chit fund related cases.
The bench of Justice C R Dash granted conditional bail to Prashant in the cases registered in Jajpur, Nawarangpur and Titlagarh police stations. He was earlier granted bail in three cases registered in Koraput and one in Ganjam.
The CBI had arrested him in December, 2013, from Mumbai for allegedly duping investors, who had invested Rs 500 crore in his companies, expecting heavy returns. Prashant is at present lodged in a Bhubaneswar jail.
The high court had in May and August this year granted him bail in four other similar cases.
After getting bail in three cases today, Prashant has now been granted bail in all the seven chit fund cases registered against him in different police stations of the state.
He is likely to walk free from jail soon, informed his counsel Sushant Tripathy.
Prashant’s younger brother Pravat, who was also one of the directors of the tainted company and arrested by the CBI in the chit fund cases, is now out of jail after being granted bail by the Supreme Court earlier this year.
Similarly, realtor Subhankar Nayak, also arrested by the CBI for allegedly being in close nexus with the directors of Seashore Group of Companies and several government officials, was granted bail by the HC in August this year.
( Source – PTI )