Home STATE CITY Odisha chit fund scam: EOW raids Samruddha Jeevan

Odisha chit fund scam: EOW raids Samruddha Jeevan

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Reported by Santosh Jagdev
Bhubaneswar, Jul 23:

The Economic Offences Wing of Odisha Crime Branch is conducting a raid at the office of Samruddha Jeevan Multi-state Multipurpose Cooperative Society, a chit fund company, located near the Directorate of Horticulture in Nayapalli area here.

samruddha jeevan

On January 27, the RBI wrote to the state Finance department, seeking action against four multi-state credit cooperative societies, including Samruddha Jeevan Multi-state Multipurpose Cooperative Society, which are allegedly collecting deposits illegally from the public.

“In March last year, the central registrar of cooperative societies had instructed all multi-state cooperative credit societies to discontinue collection of deposits from public (mostly the members registered under the societies),” the RBI letter said.

But the chit fund company is still collecting money from the public, EOW sources said. The company has operations in 16 states and has 36 offices in Odisha, the sources said.

The Ponzi company is entitled to provide loans to people, but are not authorized to collect deposits from people by luring them with high interest rates, an EOW official said.

Samruddha Jeevan is currently under the CBI scanner in connection with the Odisha mega chit fund scams involving 44 Ponzi firms.

On its website, Samruddha Jeevan claimed, “The society does not operate in any form of banking business with general public. Samruddha Jeevan operates its business within the ambit of the law and Societies Act.”