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Crackdown on chit fund companies in Odisha, over 100 arrested

Press Trust of India
May 11, 2013 at 03:09am IST

Bhubaneswar: In a major crackdown on chit fund companies and other non-banking financial institutions, Odisha Police on Friday launched statewide raids and arrested as many as 110 people involved in the trade. "Our sleuths raided 185 places and 97 cases have been registered. This is for the first time that a statewide raid is conducted on a single day," said Additional Director General (ADG), Crime Branch, BK Sharma.

Stating that many documents and other machineries including computers have been seized during the raid, Sharma said so far 110 people of different companies are arrested. "Our men along with local police are raiding on such companies in every nook and corner of the state," Sharma said. Besides the Kolkata-based Saradha Group, the raids were being conducted in small and medium companies also, he said adding that the motive of the raid is to ensure that the people are not cheated in the name of investment.

"The objective of the raid is to verify the intentions of such groups and prevent duping of gullible investors across the state," Director General of Police Prakash Mishra said. In the process, the DGP said the police and the Economic Offence Wing (EOW) would have detailed information the chit fund companies and other NBFIs operating in different parts of state.

Crackdown on chit fund companies in Odisha, 110 arrested

Stating that many documents and other machineries have been seized during the raid, Sharma said so far 110 people of different companies are arrested.

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