ED raids 10 locations in Odisha and Bengal over investment fraud
The Enforcement Directorate is investigating Kalpana Financial Services for allegedly collecting Rs 120 crore from the public through a trading scheme.
The Enforcement Directorate (ED) carried out searches at 10 premises across Odisha and West Bengal on November 4, according to reports from The Hindu and The News Mill.
The operation, led by the Bhubaneswar zonal office, is part of a money laundering probe under the Prevention of Money Laundering Act (PMLA) involving Kalpana Financial Services Private Limited and its director, Amit Mandal.
The investigation follows a First Information Report filed by the Odisha Police Economic Offences Wing (EOW) regarding an alleged investment fraud scheme.
Officials stated that the scheme promised fixed monthly returns of between 3.5 per cent and 7 per cent by deploying funds in trading and share-market activities.
The promoters of the scheme reportedly collected approximately Rs 120 crore from the public. Kalinga TV reported that a three-member ED team, accompanied by police and bank officials, searched the residence of the company's Odisha head in Bishola village, Mayurbhanj district.
The ED noted that further investigation into the matter is ongoing.