The Enforcement Directorate (ED) on Friday intensified its investigation into the alleged Adarsh Group chit fund fraud case, conducting coordinated searches across Cuttack’s Nishchintakoili area and two locations in Bhubaneswar. 

Officials examined documents, questioned individuals linked to the company and reviewed properties believed to be connected to the alleged financial irregularities.

According to officials, the operation in Cuttack district commenced on Friday morning at two locations. One team inspected the ancestral house of Bijay Raut in Natakai village under Nishchintakoili while another conducted a parallel search at the residence of Jitendra Ojha of Ramakrishnapur panchayat in Odisha. 

During the searches, officials examined a range of documents and questioned those associated with the properties as part of the ongoing investigation.

Searches were underway at the time of reporting at several other locations linked to employees of the company, indicating a wider exercise to trace financial transactions and related records.

Raids in Bhubaneswar

In Bhubaneswar, the ED carried out large-scale searches at two locations, including the Nayapalli residence of Nikunj Samantaray. 

These actions are part of the agency’s broader effort to scrutinise assets and documents connected to the chit fund operations of the Adarsh Group.

Earlier Investigation and Arrests

The case was previously investigated by the CBI, which examined the financial activities of the group. The main accused, Bijay Raut, was arrested earlier in connection with the fraud. A court had subsequently sentenced him to four years of imprisonment.

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Overall, eight ED officers, divided into two teams, were involved in the searches in Cuttack at the time of reporting.