Gold ingots found in Seashore locker

BHUBANESWAR: The Crime Branch, inquisitive the alleged multi-crore misappropriation of public deposits by the Seashore Group, here on Friday unearthed a huge cache of gold and silver, stashed in a private bank's locker in the name of the firm.
           Altogether 212 pieces of gold ingots, weighing 1.385 kg and 1,000 silver coins, weighing one quintal, were found in several bags inside the locker. The market value of the seizure could be estimated over Rs 90 lakh.
         "The gold bars weighed between 5 and 10 grams whereas each silver coin weighed 100 grams. The company's name was engraved on the silver coins. The gold bars contained the name of the bank. Name of a Switzerland company was also embossed on the gold," said ADG (Crime Branch) B K Sharma.
         The major haul came close on the heels of seizure of one quintal of silver (1,000 coins), belonging to Seashore Group, from another bank's locker here on June 29.
          Asked why the investigating agency took so much time in tracing the latest locker, Sharma said: "We had information about the locker earlier. But the locker was sealed off by the Income Tax department which had raided the company in February last year. We opened the locker after getting permission from the I-T".
        CB authorities said they are trying to dig out more such Seashore treasures. The company ran into trouble earlier this year after it failed to return the investments of thousands of depositors across the state.
        CB suspects that Dash embezzled over Rs 1,500 crore public deposits and diverted most of the money in gold trading and other business. The business conglomerate executed several projects in partnership with the state government, raising eyebrows about possible patronage by some ruling party politicians to the firm. The CB so far identified over 156 acre land, some industrial units, farmhouses and buildings, belonging to Seashore Group for confiscation. The company's CMD Prashanta Kumar Dash, arrested from Mumbai on June 19, is still behind the bar. As many as 37 cases were registered against him by the police in different districts.
       "Since the Odisha Protection of Interests of Depositors (in Financial Establishment) Bill -2011 already got Presidential assent, we will start the process to attach the property so that it can be liquidated and returned to the duped investors," Sharma said.