Kolkata, Sept. 16 -- The Enforcement Directorate (ED) on Wednesday conducted search operations at six locations across Kolkata as part of a money-laundering probe into an alleged multi-crore chit fund scam involving private company APM Group.
ED teams, accompanied by Central Armed Police Forces (CAPF) personnel, began the searches around 7 am. The locations included Narkeldanga, Netaji Nagar, Rabindra Sarobar and Shakespeare Sarani. The APM Group is alleged to have illegally collected large public deposits by promising high financial returns before its promoters allegedly siphoned off the funds.
Investigators suspect the money was routed through shell companies and used to finance several real estate projects. ED officials also suspect that some Kolkata businessmen were tasked with legitimising the alleged proceeds.
In a separate case, the ED arrested city-based businessman Amit Gangopadhyay, reportedly close to TMC leader Debasish Kumar, in connection with an alleged land-grabbing and money-laundering case.
Published by HT Digital Content Services with permission from Millennium Post.