Enforcement Directorate (ED) investigators on Friday conducted simultaneous raids across several locations in Kolkata in connection with their ongoing probe into an alleged ₹1,200-crore (£120 million) bank fraud involving a jewellery company, a senior official confirmed. The complex fraud is reported to have been executed through the acquisition of fake loans.
The central agency targeted the residences of key officials of the jewellery company, including its owners and several employees, in the New Alipore, Girish Park, and Sarat Bose Road areas of the city.
One of the locations raided was the home of a chartered accountant in the Girish Park area of North Kolkata, who is believed to have played a pivotal role in the fraudulent scheme. An ED official stated that the raids were conducted to secure "critical evidence" in the case.
During the searches, which are understood to be ongoing, investigators have seized documents related to various transactions, bank account details, and several hard disk drives.
The ED official explained that the core of the fraud involved the creation of fictitious companies, which were then allegedly used to secure loans from at least 25 different banking institutions.
The jewellery firm’s management is suspected of having "orchestrated a complex web of deceit to manipulate the financial system, utilising fabricated entities to siphon off large sums of money in the form of unsecured loans," the official added.
The raids form part of the agency’s sustained efforts to tackle financial misconduct and ensure that those who exploit the banking system are held accountable.
Also read: Bengal jobs scam: ED raids min Sujit Bose's property, 5 others
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