Kolkata: The Enforcement Directorate (ED) was conducting simultaneous raids and search operations at eight locations in Kolkata on Monday in connection with a major chit fund scam in West Bengal. The ED teams were accompanied by Central Armed Police Forces (CAPF) personnel.
Sources aware of the development said that a chit fund entity lured thousands of investors to invest in its multi-level marketing scheme by promising lucrative returns.
Initially, some investors received returns as promised, prompting them to invest more in such schemes. However, the returns gradually stopped coming, which resulted in severe losses for investors.
Later, the same money, as paid by the people, was illegally invested in several real estate projects in the city run by influential promoters extremely close to the previous ruling dispensation in the state.
It is learnt that the eight locations where simultaneous raids and search operations have been conducted since this morning are mainly concentrated in South Kolkata, such as Tollygunge and Sarat Bose Road.
However, further details on the matter are awaited.
Last month, the ED launched raid and search operations in this particular financial fraud case. At that time, the investigating officers of the Central agency raided various offices of the investment company and the residences of several officials of the company.
Based on the information received during the operation last month, the ED launched another operation on Monday, sources said.
It is learnt that during the raids and search operations last month, the investigating officials of the ED examined various transactions and bank-related documents of the said entity and came to know that, although originating in Kolkata, the said entity had spread its activities to other states as well.
For the last few months, the ED has become active again in West Bengal in several cases related to money laundering and bank loan fraud, among others, with raids and search operations by Central agency officials having become regular.
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