ED Conducts Major Raids Across Two States in Investment Fraud and Examination Scandal
The Enforcement Directorate launched significant raids in Odisha and Andhra Pradesh, targeting investment fraud and examination irregularities.
New Delhi, November 4 (Daily Kiran) : The Enforcement Directorate (ED) has executed extensive raids in two separate cases, marking a significant crackdown on financial irregularities. The first operation targeted investment fraud in Odisha and West Bengal, while the second focused on irregularities in the evaluation of answer sheets for the Andhra Pradesh Public Service Commission (APPSC) Group-1 examination.
In Bhubaneswar, the ED conducted searches at ten locations linked to Kalpana Financial Services Private Limited and its director, Amit Mandal. This investigation stems from a case registered by the Economic Offences Wing (EOW), primarily related to a fraudulent investment scheme. Victims were lured into investing with promises of returns ranging from 3.5% to 7% monthly, with claims that their funds would be invested in the stock market or trading activities. Approximately ₹120 crores were reportedly raised through this scheme, and the ED confirmed that further investigations are ongoing.
The second operation took place in Hyderabad, targeting the evaluation process of answer sheets for the APPSC Group-1 main examination. This raid was conducted under the Prevention of Money Laundering Act (PMLA) at seven locations, including Hyderabad, Secunderabad, and Guntur district in Andhra Pradesh. Allegations suggest irregularities in the manual evaluation process, with a private entity accused of receiving ₹1,14,32,312 for the task.
Among the locations searched were the residence of the then Secretary of the Andhra Pradesh Public Service Commission, P. Seetaramanjaneyulu, and the offices of KamSine Media Private Limited, the firm contracted for the manual evaluation. The raids also extended to Awasa Resort Highland in Guntur district, where the answer sheets were stored and evaluated. Additionally, searches were conducted at TrueGrader Services, a division of Stone Media Advisory Services Private Limited, involving its managing director, Akela Peri Srinivas Rao, and others connected to the evaluation process.
