The Economic Offences Wing (EOW) of the Crime Branch on Thursday conducted raid at the office of the Samruddha Jeevan Multi-State Multipurpose Cooperative Society, a chit fund company, located at Nayapalli here.
On January 27, the RBI had written to the State Finance Department seeking action against four multi-state credit cooperative societies, including Samruddha Jeevan, which are allegedly collecting deposits illegally from the public.
Companies are entitled to provide loans to people but are not authorised to collect deposits by luring people with high interest rates, an EOW official said.
The Samruddha Jeevan is currently under the CBI scanner in connection with the mega chit fund scams involving 44 firms.
On its website, the 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.”