Chit fund scam: CBI conducts searches in WB, Odisha

CBI on Thursday carried out searches in 19 locations in West Bengal and Odisha in connection with multi-core chit fund scam.

PTI| Updated: Oct 01, 2015, 20:25 PM IST

    New Delhi: CBI on Thursday carried out searches in 19 locations in West Bengal and Odisha in connection with multi-core chit fund scam.

     The searches were conducted in residences of a Managing Director and Directors of a chit fund company having operations in the two states, official sources said.

     Besides, the company's office was also searched  in connection with the case, they said.

     The firm has allegedly duped investors of crores of rupees on the pretext of giving good returns on their investment, the sources said.

     The CBI has started a country-wide crackdown on fraudulent chit fund companies which are duping lakhs of gullible investors following a Supreme Court order in this regard, they said.

     Other than CBI, ED and Income Tax department are probing infamous Saradha chit fund scam of West Bengal in which people were duped of at least Rs 2,500 crore worth investments.