State

EOW raids Samruddha Jeevan over chit fund scam

Bhubaneswar,July 24: The Economic Offences Wing of Odisha Crime Branch is conducting a raid at the office of Samruddha Jeevan Multi-state Multipurpose Cooperative Society, a chit fund company, located near the Directorate of Horticulture in Nayapalli area.

RBI wrote to the state Finance department, seeking action against four multi-state credit cooperative societies, including Samruddha Jeevan Multi-state Multi-purpose Cooperative Society, which are allegedly collecting deposits illegally from the public, on January 27.

"In March last year, the central registrar of cooperative societies had instructed all multi-state cooperative credit societies to discontinue collection of deposits from public," the RBI said.

But the chit fund company is still collecting money from the public, EOW sources said. The company has operations in 16 states and has 36 offices in Odisha, the sources said.

The Ponzi company is entitled to provide loans to people, but are not authorized to collect deposits from people by luring them with high interest rates, an EOW official said.

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