CBI Raids on Chit Fund Company

Published: 22nd December 2015 03:41 AM  |   Last Updated: 22nd December 2015 03:41 AM   |  A+A-

BHUBANESWAR: The CBI on Monday conducted raids at eight places in Odisha and Tamil Nadu on the offices of Rightmax Technotrade International Limited.

Rightmax Technotrade is a money circulation firm headquartered in Bangalore. It was listed among 44 ponzi firms by the CBI which is probing into the multi-crore chit fund scam.

Four places each in Odisha and Tamil Nadu were raided. Among these were the residential premises of Rabindra Nath Jena, V Lakhanya and R Venkatraman. The trio is allegedly linked to Rightmax Technotrade, CBI sources said.

The company was involved in money collection from gullible investors after alluring them with lucrative schemes. Under one scheme, the company was offering 10 per cent monthly interest on deposits.

In February this year, market regulator Securities and Exchange Board of India (SEBI) had prohibited the company from raising public funds.


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