Bhubaneswar, Nov 28: The Enforcement Directorate (ED) on Friday carried out raids at multiple locations in Odisha in connection with the Adarsh Group chit fund scam.

According to reports, searches are underway in Bhubaneswar and Cuttack, including at Nishchintkoili.

The ED team raided the Nayapalli home of Nikunj Samantaray, marking it as a crucial point in the investigation.

The ED’s action comes as part of its ongoing investigation into the financial irregularities and alleged fraud committed by the Adarsh Group.

The case had earlier been probed by the Central Bureau of Investigation (CBI), which had unearthed large-scale misappropriation of funds collected from investors.

Also read: Bomb Hurled Near KV-3 Primary Gate In Bhubaneswar, Security Tightened

Officials said the raids are aimed at gathering evidence related to money laundering and tracing the financial trail of the chit fund operations. More details are expected as the investigation progresses.

More details awaited as raids are underway.