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May 05, 2013 at 05:41pm IST

Chit fund scam: Saradha Group's manager arrested, 2 more offices sealed

Kolkata: The manager of Saradha Group's Raniganj branch office was arrested on Sunday. Two of the company's offices in Birbhum in West Bengal were also sealed and computers, certificates and bonds worth Rs 23,000 were seized. This after an investor lodged a complaint against the company.

The Economic Offence Wing of Crime Branch of Odisha Police on Saturday also sealed office of Saradha Group at Balasore. A team of the EOW which had been camping at Balasore for last three days in presence of the magistrate sealed office of Saradha Group at Fakir Mohan Gole at Balasore after seizing some of the documents. The team also recovered hardware of the company's several computers for verification, an official said.

Meanwhile, the EOW continued to record statements of the people who claimed to have invested in Saradha Group. The team was expected to visit Puri from Monday as many people in the holy town also complained of being duped by the Kolkata based chit fund firm.

Saradha Group's manager arrested, 2 more offices sealed

The Economic Offence Wing of Crime Branch of Odisha Police on Saturday also sealed Saradha Group's office at Balasore.

Meanwhile, the distrct administration of Kendrapara on Saturday decided to involve PRIs and issue advisories to village level leaders requesting to spread awareness on risk involved in dubious chit funds and financial companies.

The district administration's decision in this regard came after a large number of people of coastal Kendrapara and Jagatsinghpur area lodged complaint against one DP Company which allegedly closed its offices after collecting about Rs 4 crore from farmers and daily laburers.

It has been often found that major portion of rural people are ignorant and hence are easily lured by chit funds. The PRI bodies would be called upon to convince the people to abstain from dubious NBFCs, chit funds," said Kendrapara Additional District Magistrate, Ashok Kumar Panda.

The panchayat bodies with their mass base could influence the people not to dabble in risky investment plans, Panda said adding taht their efforts would be to encourage the people to invest their hard-earned money in government- sponsored small investment schemes, Panda added

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