Seashore Group CMD Prashant Kumar Dash was on Friday produced before the Nabarangapur Sub-Divisional Judicial Magistrate (SDJM) Court here for his alleged fraudulent activities and embezzlement of money through Seemanchal Multi Purpose Cooperative ltd in the periphery of Nabarangpur.
The court denied bail to Dash citing that the investigation is under progress while a large number of investors are involved in the case. It directed to produce him before it again on Saturday. He was sent to the Nabarangpur Jail.
Notably, on the alleged fraudulent activity and embezzlement of money through Seemanchal Multi Purpose Co-operative ltd in periphery of Nabarangpur, the Town police had registered a case on June 23 under Sections 420, 406, 468, 471, 120 (b) of IPC and 4, 5 and 6 of the Prize, Chit and Money Circulation (Banning) Scheme Act, 1978. Subsequently, the district police had approached the SDJM Court for his remand in connection with it on July 22 and the court on July 23 asked to produce Dash before it on July 25.