CBI raids in Maharashtra, Odisha over chit fund scam | india | Hindustan Times
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CBI raids in Maharashtra, Odisha over chit fund scam

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at 58 premises connected to Samruddha Jeewan Group of companies and its directors.

india Updated: Dec 30, 2015 00:23 IST
Yogesh Joshi
The agency searched sites in Maharashtra and Odisha in connection with ongoing investigation of two alleged chit fund cases.
The agency searched sites in Maharashtra and Odisha in connection with ongoing investigation of two alleged chit fund cases.(AFP Photo)

The Central Bureau of Investigation (CBI) on Tuesday conducted searches at 58 premises connected to Samruddha Jeewan Group of companies and its directors.

The agency searched sites in Maharashtra and Odisha in connection with ongoing investigation of two alleged chit fund cases.

According to a CBI spokesperson, one of the chit fund companies of Samruddha Jeevan had allegedly collected money from people without having any valid legal authority.

“Searches are in the office premises of Samrudhha Jeewan & its sister companies and residential premises of accused/suspect director / others of this company,” CBI said.

The searches came a day after Mahesh Motewar, chairman and managing director of Samruddha Jeevan Foods, a multi-crore investment firm, was arrested by police for duping investors.

Motewar, who controls news channels ‘Mi Marathi’ and ‘Live India’, was accused of cheating those invested his in dairy business carried out by the firm.

“Our searches didn’t have anything to do with the editorial functioning of these channels,” said a CBI official requesting anonymity.

Samruddha Jeevan has denied the allegation of cheating investors saying attempts are being made to malign the image of the group.