Bhubaneswar: Odisha Police on Friday sealed nine private investment companies after conducting raids at various places in the state. Police also seized important documents pertaining to monetary transactions and computers were seized during the raids.
Odisha Police conducted this exercise in Baripada, Jharpokharia, Betnoti, Rairangpur, Udala and Karanjia in Mayurbhanj district. Some officials including managers of local branches of these chit fund companies were taken into police custody.
Police said these private investment companies have not obtained official permission or licenses either from SEBI or from the RBI to mobilise deposit from people.