Bhubaneswar, July 18: The crime branch today raided five offices of Odisha-based Seashore Group of Companies, a multi-business conglomerate.

The investigation agency had constituted five teams to carry out the raids.

Sources said the officers had seized a number of incriminating documents.

The crime branch, along with the government’s commercial tax wing, are trying to find out how the company, which was established in 2005, was able to acquire such huge assets within a span of seven years.

Additional DG (crime branch) B.K. Sharma said: “We have received a number of complaints of money circulation and laundering by the company. We have registered the complaints under sections 4, 5 and 6 of the Prize Chits and Money Circulation Scheme Banning Act, 1976.”

Sharma also said the crime branch would lodge an FIR after the raids are over. Sources said help of the commercial tax department was sought to assess the company’s source of income.

The company ledgers and cashbooks are being scrutinised.

The company had been enjoying a good rapport with some influential politicians owing allegiance to a faction of the BJD. However, the leaders of this faction are reported to have now fallen out of favour with the chief minister.