Kolkata, Oct. 12 -- The Enforcement Directorate (ED) launched a crackdown across Kolkata on Monday morning, conducting simultaneous raids at eight separate locations in connection with a multi-crore money laundering probe.
The search operations began around 6:30 am at the residential and commercial properties of several businessmen and developers suspected of routing defrauded public money into the real estate sector.
Accompanied by a heavy contingent of Central forces, the Central agency focused on upscale areas in South Kolkata, including Tollygunge and along Sarat Bose Road. According to sources, the raids are tied to a widespread financial fraud scheme where a group of shell firms and unlisted entities allegedly collected hundreds of crores from citizens by promising exceptionally high investment returns.
The ED officials are checking the financial records and transaction details to identify the movement of the fund in order to establish the possible involvement of the alleged fund routing.
The search operations of Monday are a direct continuation of an earlier crackdown initiated by the federal agency last month, which saw raids at 17 locations in Kolkata and other parts of the country.
Published by HT Digital Content Services with permission from Millennium Post.