Fire Engulfs Sealed Office of Defunct Chit-Fund Company Under CBI Probe In Odisha’s Balasore

Balasore: A fire broke out on Friday at the sealed office of Green Ray International Ltd (GRIL), a defunct chit-fund company currently under Central Bureau of Investigation (CBI) investigation for a multi-crore rupee scam.

The GRIL office, located in Jaleswar’s Bada Bazar, had been shut down by CBI officials after they seized documents during their investigation. Local residents spotted smoke emanating from the building in the afternoon and alerted the fire department.

Firefighters encountered difficulty accessing the sealed structure but eventually extinguished the blaze. The extent of the damage remains unclear until authorities grant access to company officials.

Investigators suspect foul play, with some sources hinting at the possible involvement of miscreants.

GRIL began operations in Balasore in 2012, attracting investors with promises of high returns through various schemes. However, the company failed to deliver on its guarantees, neither paying promised interest nor returning investments.

Following media exposure of the scam, the Odisha Crime Branch’s Economic Offences Wing (EOW) launched an investigation. It was discovered that GRIL had duped investors out of over Rs 1,000 crore.

The case’s scope widened upon uncovering the company’s operations in other states, prompting the CBI to take over the investigation. The central agency arrested GRIL’s managing director, Mir Sahiruddin, in 2017.