Chit fund scam: EOW raids Samruddha Jeevan Cooperative society office

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch (CB) today raided the office of Samruddha Jeevan Multi-State Multi-Purpose Cooperative Society, a chit fund company, on charges of illegally taking deposits from public.

According to reports, a team of EOW sleuths led by CB superintendent of police (SP) raided its office located at IRC Village in Nayapalli area of the city, and seized various important documents.

The police are checking the documents of the ponzi firm and examining some important facts such as where the company was registered, for how long it has been operational, how many offices it has and from how many people it had deposits since its existence, CB sources said.

The Reserve Bank of India (RBI) on January 27 wrote to the State Finance department, seeking action against some multi-State credit cooperative societies, which are allegedly collecting deposits illegally from the public.