ED Raids in Odisha in Alleged Rs 900 Cr Chit Fund Fraud Case

Bhubaneswar: The officials of the Enforcement Directorate (ED) conducted simultaneous raids in Odisha and 20 other places in other places of the country in connection with an alleged Chit Fund fraud case worth Rs 900 crore.

According to reports, ED raids are on at 10 places in Odisha including the capital city Bhubaneswar and Ganjam district.

These raids are being held at properties linked to Golden Land Developers Limited, a Delhi-based company. The premises of the Company’s Director, manager and other officials in Odisha were raided by the ED officials.

In 2016, Cuttack ADM auctioned some land of the chit-fund company in Ganjam and other parts of the state.

In 2013, this Delhi-based chit fund firm was booked in six cases for cheating depositors to the tune of several crores.

Only after a proper investigation, it can be ascertained what has been found by the investigating agency.