Odisha intensifies crackdown on chit-fund scams

September 12th, 2012 - 11:29 pm ICT by IANS  

Bhubaneswar, Sep 12 (IANS) Intensifying its crackdown on chit fund scams in Odisha, police Wednesday raided the offices of a private company and detained three of its senior officials for interrogation.

The Economic Offences Wing (EOW) of the crime branch police raided the offices of Safex Infra India Ltd at Berhampur, Chhatrapur and Bhubaneswar, a senior crime branch official told IANS.

The raids led to the recovery of incriminating evidence pertaining to various chit fund activities involving circulation of money, which is an illegal activity.

Various bank accounts of the company have been frozen. Three senior company officials have been detained for interrogation. Further investigation is continuing, the official said.

The EOW wing has been investigating the businesses of about 50 companies operating in the state after allegations that they were drawing crores of rupees from people running various scams across the state.

The investigating agency had earlier raided the state offices of Seashore group and Ashore group in July and August, respectively, and had arrested several of their senior executives on similar charges although the companies denied any wrong doing.

Related Stories

Posted in Uncategorized |

Subscribe