Continuing its back-to-back raids on chit fund firms in the State, the CBI officials on Monday conducted searches at different offices of the Midas Touch Group of Companies (MTGC) in Bhubaneswar.
According to sources, the CBI conducted raids at nine different offices of the company including the registered office at Madhusudan Nagar under the Kharavel Nagar police station and its branch offices at Saheed Nagar and Nayapalli. After a two-hour-long search, the officials seized several incriminating documents from the offices.
The CBI also conducted raid on the houses of the company’s managing director Soubhagya Mallick and other directors to collect documents related to the scam. Mallick reportedly fled from his house after getting information about the raid.
Notably, the MTGC was established by Mallick in 2009. It allegedly duped thousands of investors of crores of rupees after promising hefty returns. In the State, the company has branches in eight places, Khordha, Chandikhol, Angul, Baleswar, Brahmapur, Sambalapur, Baripada and Jeypore.
Besides Odisha, the company has its presence in six other States, Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Karnataka and Maharashtra.