ED raids 10 premises in Odisha and Bengal over investment fraud
The Enforcement Directorate is investigating an alleged ₹120 crore money laundering case involving Kalpana Financial Services.
The Enforcement Directorate (ED) conducted searches at 10 premises across Odisha and West Bengal on Wednesday, November 4, 2026, regarding an alleged investment fraud. According to The Hindu, the raids were part of a money laundering probe involving funds of ₹120 crore.
The investigation follows an FIR filed by the Odisha Police Economic Offences Wing (EOW). The ED stated that the scheme, operated under the name Kalpana Financial Services, allegedly induced the public to invest money by promising fixed monthly returns of 3.5-7 per cent through share-market and trading activities.
The searches included the premises of Kalpana Financial and the residence of its director, Amit Mandal. The ED said the promoters of the scheme collected approximately ₹120 crore from the public.
In a separate report by Kalinga TV, a three-member ED team accompanied by bank officials and police searched the residence of the Odisha head of a Kolkata-based trading company in Bishola village, Mayurbhanj district. This individual is accused of defrauding people of more than Rs 70 crore, with victims reportedly located in Mayurbhanj, Cuttack, Bhubaneswar, and Jagatsinghpur.
The raids are being conducted under the provisions of the Prevention of Money Laundering Act (PMLA).