Police on Friday sealed the branch offices of various financial firms here and seized valuable documents, computers and hard disks etc.
Due to laxity in law enforcement and poor regulation, there had been a phenomenal growth of various non-banking and microfinance institutions in Kandhamal district in last 7 to 8 years. According to sources, the branch heads of ABAS India, OSCAR Management Services limited, ROSE Valley and Golden land Developers were arrested after raids on their offices.
The district SP assured more investigation and stringent steps against the fraud firms. While the raids were on, many other similar companies operating in the district were found locking their offices to evade police action.