The Economic Offences Wing (EOW) of the Mumbai Police on Friday conducted raids at more than 25 locations in Maharashtra in connection with a case of alleged financial crimes by a company named Sai Prasad Group of Companies.
Sources said the company has been under the scanner since 2013 for alleged financial irregularities, including running ponzi schemes and illegal fundraising, and is being investigated by the Securities and Exchange Board of India (SEBI). Acting on a complaint from the SEBI, the EOW conducted raids at 27 properties belonging to the company in Mumbai and Pune.
Joint Commissioner of Police Dhananjay Kamalakar, EOW, confirmed the raids, but refused to share details, saying the process was still under way.
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