Bhubaneswar, Aug 4 (IANS): Four senior officials of a private financial management company in Odisha have been arrested for their involvement in illegal money circulation in the state, police said Saturday.

The managing director, chief executive officer, administrative officer and cashier of Ashore group were taken into custody after the economic offences wing (EOW) of the crime branch raided its offices at Bhubaneswar and Balasore and found prima facie evidences of frauds, Rajendra Patnaik, superintendent of police of the crime branch (economic offences wing) told IANS.

Ashore group which claimed to be dealing with life insurance, general insurance, loans and deposits, equity trading and land related products was neither listed with Reserve Bank of India to do money circulation, nor with any stock exchange, he added.

They were collecting money from the people and assuring to return them double of it. Similarly they were collecting money promising people to provide lands even though the company does not own any land, he said.

The arrested people were sent to judicial custody after their bail petitions were rejected by a court in Bhubaneswar Friday, he said. A company official however refuted the allegation and said their business was legal and they were ready for any probe.

The crime branch has been investigating the businesses of about 50 companies, including the Ashore group after allegations that they were drawing crores of rupees from the people running various money circulation schemes across the state.

The people were promised a huge return on their investments, he said. Last month the EOW personnel had raided the offices of the Bhubaneswar-based Seashore Group of Companies and registered cases against seven of its senior officials on similar charges.