Kolkata, Punjab, Delhi and Mumbai: ED conducts raids in 'high-profile' chit fund scam probe
Times of India | 4 October 2024
NEW DELHI: The Enforcement Directorate (ED) initiated a widespread crackdown on Friday, targeting multiple locations across Kolkata, Punjab, Delhi, and Mumbai in connection with a chit fund case, according to sources familiar with the development.
The agency is conducting searches at more than two dozen premises as part of an ongoing probe into a high-profile chit-fund scam involving money laundering allegations.
The raids, which commenced in the early hours of Friday, are currently in progress at the locations of individuals suspected of involvement in the chit-fund case. The ED had previously registered the case against chit-fund companies operating in Punjab and West Bengal.
Sources revealed that the chit fund company allegedly failed to repay the maturity amount to investors after collecting funds from them. It is suspected that the collected money was misappropriated for personal gain and diverted to various other beneficiaries.