New Delhi: In a major crackdown, the Enforcement Directorate (ED) on Wednesday mounted search-and-seizure operations at 17 locations spread across Kolkata and Indore, as part of a money laundering probe stemming from a suspected investment fraud that has reportedly left a large number of investors cheated, officials said.
The ongoing raids have zeroed in on premises linked to suspects including KC Dujari, Kali Kishore Bagchi and other figures tied to the Amrit Group of companies, the officials added.
Acting under Section 17 of the Prevention of Money Laundering Act (PMLA), the ED’s Kolkata zone rolled out the simultaneous searches in tandem with security forces and state police, they said.
According to the officials, the Amrit Group and its directors stand accused of siphoning off a huge pool of public money by floating various deposit schemes and promising high returns, only to renege on their promises and defraud investors by withholding the agreed payouts, as reported by The New Indian Express.
The federal probe agency is currently examining the conduct of the Amrit Group and its directors amid allegations that they amassed considerable sums from ordinary citizens through multiple deposit plans by holding out the prospect of lucrative returns, the officials stated.
On the ground, ED teams are poring over documents and other material recovered from the raided premises to map the trajectory of funds and reconstruct the financial trail, officials said.
The ED’s action comes on the heels of its scrutiny of the alleged public fund collection and the way those funds were subsequently handled by entities and individuals linked to the group.
The searches are designed to assemble documentary and other evidence relating to the purported financial dealings, the part played by the directors and promoters, and the movement of money, the officials said.
In addition, the agency is expected to comb through the records of the companies and associated individuals to gauge the magnitude of the alleged financial misconduct and flag any assets, if any, connected to the suspected proceeds of crime.
