Chit fund scam: CBI raids 7 Microfinance offices in Odisha

Bhubaneswar: The CBI today conducted simultaneous raids on the offices of Microfinance Ltd, a chit fund company, at seven places in Odisha.

Sources in the CBI said the raid was conducted on Microfinance offices at two places in Bhubaneswar, three places in Jaleswar and one each in Khurda and Balasore.

Officials of the central investigating agency also raided the houses of some directors of the company.

The raids were conducted on the basis of the allegations of financial fraud to the tune of nearly Rs 300 crore by the company in Ranchi.