CUTTACK: The
Orissa High Court
on Friday granted bail to
Prashant Dash
, chairman and managing director of a chit fund company Seashore group, who was arrested in 2013 for allegedly duping thousands of investors across the state.
Dash was arrested by crime branch from Mumbai in 2013, however, after
Supreme Court’s order investigation of the case was handed over to CBI. Since then Dash has been lodged in Jharpada jail in Bhubaneswar.
While granting the bail, Justice C R Dash has asked Prashant to submit his passport and take permission of the investigating officer while going outside the state. The court, however, has not imposed any monetary condition for availing the bail. Usually in economic offences cases, the court allows bail with a hefty security deposit.
“I cited in court that my client’s entire movable and immovable assets have been sealed by the investigating agency. And in such circumstances from where will he bring money for the security deposit. The court has favored us by not imposing any such condition,” said Prashant’s counsel, Suresh Tripathy to TOI.
CBI had vehemently opposed the bail citing that investigation of the case is still on and if Dash is granted bail then it would affect the probe process.
Tripathy cited that the high court while rejecting his client’s bail last year had expressed dissatisfaction with the slow probe of CBI. The high court had then said that investigation cannot go on for an indefinite period and my client cannot be put behind bars beyond the period of detention exceeding the sentence to be imposed under the charge, and had directed CBI to expedite the probe.
“Prashant has already spent four years in jail but CBI’s probe is still on. Even the Supreme Court in July had also come down heavily on CBI for its slow investigation of the case and had allowed bail to Prashant’s brother Prabhat, who is also a director of Seashore group. Taking note of the arguments, the high court allowed the bail plea,” added Tripathy.
With Prashant’s bail, Seashore gets a major relief. His brother Prabhat and a conduit
Subhankar Nayak
have also been granted bail.
Notably, the CBI had filed a preliminary charge-sheet in special CBI court on March 7, 2015 accusing Prashant of embezzling over Rs 500 crore, collected from investors between 2006 and 2011. Prabhat and Subhankar were also named in the chargesheet.
Start a Conversation
Post comment