 "CBI raids another chit company, MD absconding")
The Central Bureau of Investigation (CBI) today raided the offices of Midas Touch Group of Companies (MTGC), a chit fund firm accused of duping the gullible investors.
Sources said, CBI also raided the residence of Soubhagya Samal, the founder of the company, but found him absconding. The probe agency, which is investigating the chit fund scam following a Supreme Court direction to this effect, also raided the company's registered office and branch offices in the city and other places such as Jajpur, Puri,Angul, Dhenkanal, Baripada. The company has alleged to have duped the investors to the tune of Rs 40 crore promising hefty returns. Earlier, CBI had raided the residences of the officials of another chit fund company Navadiganta Capital Services Limited (NCSL) and three politicians in connection with the multi crore chit fund scam.
Sources said, CBI also raided the residence of Soubhagya Samal, the founder of the company, but found him absconding. The probe agency, which is investigating the chit fund scam following a Supreme Court direction to this effect, also raided the company's registered office and branch offices in the city and other places such as Jajpur, Puri,Angul, Dhenkanal, Baripada. The company has alleged to have duped the investors to the tune of Rs 40 crore promising hefty returns. Earlier, CBI had raided the residences of the officials of another chit fund company Navadiganta Capital Services Limited (NCSL) and three politicians in connection with the multi crore chit fund scam.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%