Kolkata, Dec 23 (IANS): The CBI on Wednesday raided at least 18 different locations of Ramel Group of Industries across West Bengal in the chit fund scam, an official said.

"Searches are being conducted at 18 places in West Bengal in connection with investigation of case against Ramel Group. Searches are being conducted at the official and residential premises of the group and its managing directors and directors," a Central Bureau of Investigation official said.

The Ramel group was one of the several non Saradha Group companies against which the CBI registered cases for illegally raising public money.

Having found guilty of operating Collective Investment Schemes (CIS) without obtaining its approval, market regulator Securities and Exchange Board of India (SEBI) in July 2014 asked Ramel Industries to immediately wind down its scheme that raised over Rs 97 crore from investors.

Ordering refund of the collected money, the SEBI also barred Ramel Industries as well as its promoters and directors from dealing in capital markets till the refund was complete.