Kolkata, October 5 (Daily Kiran) : The Enforcement Directorate (ED) has intensified its efforts in a significant bank fraud investigation, conducting multiple raids in Kolkata and Odisha on October 5. Investigators from the central agency targeted several locations in Kolkata, including the areas of Posta and Burrabazar, as well as locations in Bhubaneswar.
According to ED sources, a total of nine sites are under investigation. The case revolves around allegations of corruption amounting to ₹1,109 crore against a company based in Bhubaneswar. Initially, the Central Bureau of Investigation (CBI) began the inquiry, but the case has since been handed over to the ED. The agency commenced its search operations early Monday based on information gathered from the initial investigation.
The Bhubaneswar-based company is accused of misappropriating funds from a bank loan of ₹1,109 crore. Allegations suggest that money laundering occurred through various channels from Odisha to Kolkata. The ED is now scrutinizing claims that the loan funds were strategically diverted elsewhere.
Previously, the CBI conducted searches in the same Kolkata neighborhoods based on information related to the case. The ED’s current operation aims to trace the source of the alleged money laundering.
The central agency has stated that the company inflated stock prices and commercial receivables to secure the loan, manipulating financial statements in the process. It is also alleged that the company exaggerated the value of its stock and trade receivables, leading to further discrepancies in its financial documentation.
Just days earlier, the ED had conducted raids at 15 locations in Kolkata and nearby areas due to financial irregularities linked to the sale of Durga Puja ‘preview passes.’ These raids were associated with former state minister Indranil Sen and his wife, targeting their residence, garden, and the homes of relatives and close associates.
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