The Central Bureau of Investigation (CBI) today arrested Odisha's ruling Biju Janata Dal (BJD) MLA Prabhat Biswal in connection with the 500 crore rupees Seashore Group chit fund scam. <br/><br/>The central investigating agency officials arrested Cuttack-Choudwar MLA Pravat Biswal in the wee hours today over his alleged involvement in chit fund scam. Biswal was picked up late last night from his Cuttack residence and declared arrested today morning. Pravat Biswal and his wife Laxmi Bilasini Biswal were under CBI scanner over a land deal with the Seashore chit fund company. <br/><br/>Earlier this year in January, CBI had conducted simultaneous raids at Biswal's residences in Bhubaneswar and Cuttack giving rise speculation to his arrest. Sources said the MLA was also suspected to have availed huge financial benefits from Seashore group, however he had denied all the charges. Seashore Group is one of the 44 ponzi companies in Odisha which came under the scanner of CBI and ED following an order of the Supreme Court to probe their finances and transactions.