ED Raids 10 Spots in Odisha, Bengal Over Kalpana Financial Services Fraud
The Enforcement Directorate raids Odisha and West Bengal over a Rs 120 crore investment fraud linked to Kalpana Financial Services.
The Enforcement Directorate (ED) has launched a massive crackdown on a suspected money laundering racket, conducting simultaneous raids at 10 different locations across Odisha and West Bengal. The operation centers on the activities of Kalpana Financial Services Private Limited and its director, Amit Mandal.
The Crackdown Begins
According to officials, the search operations are being spearheaded by the ED's Bhubaneswar zonal office. The agency is invoking the stringent provisions of the Prevention of Money Laundering Act (PMLA), 2002, to uncover the trail of illicit funds associated with the firm.
A Web of Deceit: The Rs 120 Crore Scam
The ED's intervention follows a First Information Report (FIR) previously lodged by the Economic Offences Wing (EOW). The investigation reveals a sophisticated investment fraud where the public was lured into a trap under the banner of "Kalpana Financial Services."
Investigators found that the firm induced unsuspecting citizens to invest their hard-earned money through a series of enticing promises. The primary pitch to investors included:
- Claims that the funds would be strategically deployed in the share market.
- Assurances of high-volume trading activities.
- The promise of guaranteed fixed monthly returns, ranging from approximately 3.5 per cent to 7 per cent.
The Scale of the Fraud
The lure of high returns proved successful, as the agency estimates that around Rs 120 crore was collected from the general public through this fraudulent scheme.
What Happens Next?
As the ED scours the 10 premises in West Bengal and Odisha, officials have confirmed that the investigation is still in progress. The agency is expected to recover documents and digital evidence to determine how the collected money was laundered and where the funds are currently parked.