Kolkata, October 12 (Daily Kiran) : The Enforcement Directorate (ED) executed simultaneous raids at eight locations in Kolkata on October 12, targeting a major chit fund scam that has impacted numerous investors in West Bengal.
Teams from the ED, accompanied by Central Armed Police Force (CAPF) personnel, conducted these operations early Monday morning. Sources familiar with the investigation revealed that a chit fund company had lured thousands of investors into its multi-level marketing scheme by promising attractive returns.
Initially, some investors received returns as promised, which encouraged them to invest further. However, the payouts eventually ceased, leading to significant financial losses for many participants. Investigators found that the funds collected from these investors were unlawfully channeled into various real estate projects across the city, primarily managed by influential promoters closely associated with the previous state government.
The raids focused mainly on southern Kolkata neighborhoods, including Tollygunge and Sharat Bose Road. This operation follows a similar crackdown last month, during which ED officials raided multiple offices of the investment company and the residences of its executives.
According to sources, the latest raids were initiated based on information gathered during the previous operation. During last month’s searches, investigators scrutinized various transactions and bank-related documents, revealing that while the company originated in Kolkata, it had expanded its operations into other states.
In recent months, the ED has intensified its efforts in West Bengal, tackling multiple cases of money laundering and bank loan fraud, with regular raids being conducted by its officials.
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