The Supreme Court on Tuesday granted bail to Pravat Kumar Dash, one of the directors of Seashore Group of Companies and accused in the chit fund scam in the State.
Pravat, younger brother of Seashore Group CMD Prashant Dash, was arrested by the CBI on January 24, 2014 following a marathon interrogation at the headquarters of the Central investigation agency here.
Pravat Dash is accused of embezzling funds to the tune of Rs 3 crore.
He was director of as many as 15 ventures of the Seashore Group of Companies including Seashore Securities ltd, which had collected investments from investors from across the State assuring them of high returns.
Prashant Dash continues to be behind bars ever since he was arrested by the CBI more than three years ago.