Odisha Police urges RoC to cancel licence of a firm

The Crime Branch of Odisha Police today urged the Registrar of Companies (RoC) to cancel licence of 'Seashore Group', a major money circulation firm in the state, a senior official said here.
"We have written to the RoC for cancellation of Seashore's licence. Subsequently steps will be taken to cancel the licences of all small and big chitfund enterprises against which cases of irregularities and fraud have been lodged," Rakesh Kumar, DIG of Crime Branch said today.
At least 159 people have been arrested in the state for duping people through chitfund operations.
He said that legal steps are being taken to stop such chitfund companies and non-banking financial institutions (NBFI), Kumar said 'Seashore Group' is a major player in the state which allegedly duped people of about Rs 900 crore.

Kumar said 'Seashore' and most of the NBFIs operating in Odisha have been registered under the RoC and the Registrar of Cooperative Societies.
During its ongoing statewide operation, the Crime Branch has raided on 79 companies and as many as 164 cases have been registered till so far.
Meanwhile, a report from Kandhamal district said four employees of a local chitfund company including its Branch Manager were arrested today and the CB seized two of their bank accounts with deposits over Rs 13 crore.
'Golden Land Developers', a local chit fund started in Phulbani town in 2007, collected money under different schemes from about 25 thousand people, said S S Pujari, Phulbani Town Police Station in-charge officer.