Saradha Scam: After Artha Tatwa, CBI raids Seashore chit fund group

During searches, several other incriminating documents were recovered. Das is now in a jail in Koraput district in connection with the chit fund case.

Seashore headed by Das had at least 10 sister concerns some of which were registered under Multi-State Cooperative Societies Act and Orissa Self-Help Cooperative Societies Act. The Group was reportedly helped by several prominent politicians and bureaucrats in the State including Rajya Sabha MP Pyarimohan Mohapatra. The Group which entered into several agreements with Orissa government, collected Rs 1500 crore from people assuring them increased returns on their deposits, but failed to return money. It also started a TV channel STV which folded up a year after it started. The group also started companies like Soubhagya Drinks, Seashore Dairy Products, Seashore Pharmaceutical Industries, Seashore Biotech Private Limited, Seashore Pen Industries and Seashore Roller Flour Mill.

The group even bid to become the banking correspondent of Orissa and emerged as the lowest bidder by bidding minus 0.06%. to be the
intermediary between banks and the poor for all welfare payments and cash transfers in Odisha.

Last year, The Economic Offences Wing of the CID arrested Das from Mumbai. Before CBI took up the probe, 40 cases had been registered against the company with different police stations across the State.

The CID has already provided CBI with the list of documents, including the details of immovable properties of the group and its allied companies, farm houses, rice mill, apartments, land in different locations, gold bars, silver coins and expensive cars.

Apart from CBI, the Seashore chief is under the scanner of Enforcement Directorate, which this month filed a petition before the Court of
Khurda District and Sessions Judge seeking 15-day remand. The court is yet to pronounce its verdict.

Meanwhile, the Orissa High Court on Thursday asked the advocate of the arrested former AG Ashok Mohanty to move the Khurda district sessions court for bail and directed the CBI to submit the case diary by the first half on Friday. The Orissa High Court Bar Association is on a two-day strike since yesterday protesting the ‘unjustified’ arrest of Mohanty.