ED conducts multiple raids in Cuttack, Bhubaneswar over Adarsh Group chit fund fraud case

The Enforcement Directorate (ED) on Friday intensified its investigation into the alleged Adarsh Team chit fund fraud case, conducting coordinated searches at some level of Cuttack’s Nishchintakoili house and two locations in Bhubaneswar. 

Officials examined documents, questioned contributors linked to the company and reviewed properties believed to be linked to the alleged financial irregularities.

In line with officers, the operation in Cuttack district commenced on Friday morning at two locations. One workers inspected the ancestral house of Bijay Raut in Natakai village below Nishchintakoili while one other performed a parallel search at the placement of Jitendra Ojha of Ramakrishnapur panchayat in Odisha. 

All the design throughout the searches, officers examined a spread of documents and questioned these linked to the properties as portion of the continued investigation.

Searches had been underway at the time of reporting at a few different locations linked to workers of the company, indicating a wider teach to trace financial transactions and linked info.

Raids in Bhubaneswar

In Bhubaneswar, the ED conducted gigantic-scale searches at two locations, at the side of the Nayapalli location of Nikunj Samantaray. 

These actions are portion of the agency’s broader effort to scrutinise assets and documents linked to the chit fund operations of the Adarsh Team.

Earlier Investigation and Arrests

The case was as soon as previously investigated by the CBI, which examined the financial actions of the neighborhood. The fundamental accused, Bijay Raut, was as soon as arrested earlier in reference to the fraud. A court docket had subsequently sentenced him to four years of imprisonment.

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Overall, eight ED officers, divided into two groups, had been fascinated by the searches in Cuttack at the time of reporting.