Bhubaneswar, Jan 31 (IANS): The Special Investigation Team (SIT) of the CBI Saturday conducted simultaneous raids at 14 locations of chit fund firm Microfinance Ltd in Odisha.

The CBI sources said that the teams conducted raids at 14 places including Bhubaneswar, Cuttack and Berhamapur.

The company was operating its business and has offices in these cities.

"In Odisha chit fund scam, the CBI conducted searches at 14 places of Microfinance Ltd offices and residences of former MD Durga Prasad Mishra, director Ashok Patnaik and other directors of the company," said a spokesperson of CBI in New Delhi.

CBI sources said the officials raided the house of Ajay Swain, former personal assistant of commissioner-cum-secretary of Panchayati Raj department, the residence of Suratha Das, one of the directors of Microfinance Ltd, and the residence of retired Indian Administrative Officer Jugal Kishore Satpathy in Bhubaneswar.

Besides, the central investigating agency conducted raids at the residence of Ashok Patnaik, one of the directors of the company, in Cuttack and at the head office in Berhampur city.

This is the second time that the CBI has carried out raids on places associated with Microfinance Ltd.