Kolkata, September 16 (Daily Kiran) : The Enforcement Directorate (ED) has conducted simultaneous raids at six locations in Kolkata as part of an investigation into a multi-crore chit fund scam. This operation took place on Wednesday morning, September 16, 2026.
A team of ED officials, accompanied by the Central Armed Police Forces (CAPF), arrived around 7 AM at a businessman’s residence in the Narikel Danga area of North Kolkata. Sources indicate that this businessman had solicited investments from the public by promising attractive returns, channeling the funds into various sectors.
Following the initial raid, five additional teams from the ED executed searches at five more locations in both North and South Kolkata, all connected to the same chit fund case. The funds were reportedly collected under the guise of a Ponzi scheme operated by the APM Group, which had raised money and invested it through a shell company—an entity that exists only on paper.
The raids were prompted by allegations of misappropriation of funds from the chit fund scheme. In addition to the main suspect’s residence, searches were also carried out at the homes of associates linked to the businessman.
Sources reveal that the company employed a consistent method of fraud. Initially, substantial amounts of money were gathered through various multi-level marketing schemes, with promises of high returns to investors. Subsequently, the collected funds were funneled into different sectors via a shell company.
Moreover, it has come to light that these investments were made without obtaining necessary approvals from regulatory authorities. Since 2012, West Bengal has seen a surge in companies operating Ponzi schemes, including notable names like Sudipto Sen’s Saradha Group and Gautam Kundu’s Rose Valley Group.
The ED and CBI have been investigating numerous such companies for some time and have arrested several prominent leaders of the Trinamool Congress linked to these fraudulent activities.
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