Odisha chit fund scam: CBI arrests brothers of firm’s managing director

Mir Sahimat alia Kalu and Mir Jamiruddin are both directors of the firm. Green Ray International is one of the 44 such companies being probed by the agency following a Supreme Court directive that the investigation of all chit fund cases in Odisha be transferred to the CBI

Updated on: Jul 15, 2021, 15:26:07 IST

By Debabrata Mohanty

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The Central Bureau of Investigation (CBI) arrested two men from Jaleswar area in Balasore in connection with Odisha’s ₹2,000-crore Green Ray International chit fund case that the agency is investigating. The two men are brothers of Mir Sahiruddin, the managing director of Green Ray International who was arrested four years ago.

Representational Image. (Getty Images/iStockphoto)

A CBI team conducted a raid in Jaleswar area and arrested Mir Sahimat alia Kalu and Mir Jamiruddin, both directors of the firm. Green Ray International is one of the 44 such companies being probed by the agency following a Supreme Court directive that the investigation of all chit fund cases in Odisha be transferred to the CBI.

Sahiruddin, who had been hiding in Nigeria, was arrested from Kolkata airport in February 2017 while he was allegedly trying to enter on a Bangladeshi passport. He is accused of duping nearly ₹2,000 crore from investors in Odisha and many other states on the promise of quick returns and diverting the funds to Dubai, and then Nigeria through hawala transactions.

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The company promised each of its investors a monthly dividend of ₹2,000 against a fixed deposit of ₹1 lakh. Between 2011 and 2013, it managed to collect over ₹500 crore from people.

Apart from the 41 branches in Odisha, Green Ray had 67 branches in Maharashtra, Goa, Jharkhand, Chhattisgarh, Bihar, West Bengal, Andhra Pradesh, Delhi, Karnataka, Tamil Nadu, Haryana, Madhya Pradesh, Uttar Pradesh and Gujarat besides its international branch in Dubai. At least 13 cases are registered against the company in Odisha under various sections of the Indian Penal Code and Prize Chits and Money Circulation Schemes (Banning) Act 1978. The Economic Offences Wing of state CID has seized 20 acres of land and more than ₹57 lakh bank deposits in the name of the firm.

Sahiruddin was first arrested by State Security Service, the primary domestic intelligence agency of Nigeria in July 2015 over suspected money laundering. Later, he managed to obtain bail. He also reportedly planned to meet Dawood Ibrahim in Dubai and had links with the underworld mafia in Mumbai, Dubai and Nigeria.

ABOUT THE AUTHOR
Debabrata Mohanty
Debabrata Mohanty is a senior assistant editor of Hindustan Times who works as state correspondent from Odisha covering the state's politics, governance, public policy, natural disasters, environment and its society for close to three decades. With his long years of reporting from the state capital of Bhubaneswar, Mohanty has been known as one of the most experienced and credible journalists covering Odisha for the national English dailies. His reporting combines on-ground detail with deep institutional knowledge detailing the state's changing politics, governance issues, administrative reforms and the functioning of its public institutions. He has regularly reported on issues ranging from legislative developments and public policy implementation. Politics is his core areas of expertise as he closely tracks Odisha's political landscape, including the rise and transformation of the Bharatiya Janata Party (BJP), the Biju Janata Dal (BJD), the two principal political parties in Odisha. His long association with the state's political establishment enables him to write on contemporary developments in a larger political context. Mohanty takes a deep interest in writing human interest stories, environmental issues and documenting the impact of cyclones, floods, heatwaves, and other climate-related events in one of the most disaster-prone states. His coverage extends to public health, governance reforms and stories on accountability of government institutions. Before joining Hindustan Times, Mohanty worked with The Indian Express, Mail Today, and The Telegraph, where he covered at least six general elections and as many assembly elections. In 2007, he was selected for the prestigious Chevening Young Indian Print Journalist Programme at the University of Lincoln, United Kingdom, where he received advanced training in print journalism. In 2009 he won the Press Institute of India-International Committee of Red Cross award on conflict reporting for his on-ground reportage of 2008 Kandhamal riots.Read More

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