As part of the ongoing raids on private financial institutions across the State, the Paradip police also raided on a few firms here on Saturday.
Based on the complaint of an investor, Ranjan Kumar Behera, the police raided the office of the Prayag Group near the ICICI Bank building, seized documents and sealed its office. At Paradip, various private financial groups, such as Rose Valley, Kendrapara Cooperative Society, Siphon Multipurpose Cooperative Society, Sahara Group, AT Group, to name a few, are operating. It is reported that the AT Group has already collected Rs 20 crore from the investors and closed their office here. However, due to non filing of complaints with local police, the latter are unable to take action.
In the past, companies like Aaditya Finance, Birabhumi Group and Golden Forest had cheated the people of several crores of rupees but the money could not be recovered from the firms.