Not just Saradha, CBI smells an even bigger chit fund scam in Odisha!

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Kolkata/Bhubaneswar, Sept 15: The entire country has been rocked by the Saradha chit fund scam, which has gone from local to regional to even international. But according to a report published in Bengali daily Ei Samay, a Odisha-based company has allegedly indulged in an embezzlement worth Rs 25,000 crore, which is two-and-half times more than that of the Saradha scam, the Central Bureau of Investigation (CBI) has come to know.

[Read: What is Saradha chit fund scam?]

According to the daily, the firm named Green Ray International Limited, with the help of some members of the ruling BJD, spread wings in 14 states including Odisha where it had 41 branches across and even in Dubai and raised money from the market with the promise of returning the double in quick time.

The company also carried out its business in many places in West Bengal, which made many think that it received backing from the ruling Trinamool Congress.

A team of Odisha Police raided the office of Green Ray in Jaleswar in June last year and the Securities Exchange Board of India ordered it to return the investors' money but they continued to dilly-dally. It was after the CBI started investigating chit fund businesses at the order of the Supreme Court in May this year that Green Ray's secrets came to the open. Search is also underway for the managing director of the firm.

On Sunday, the CBI also arrested two media individuals for allegedly having links with Green Ray. Some BJD members might also land in trouble as a result of the investigation, it was suspected.

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