ED raids Amrit Group in Kolkata, Indore in money laundering case

The ED is conducting searches at 17 locations in Kolkata and Indore linked to Amrit Group of companies. The raids are part of a money laundering probe into an alleged cheating case where the group collected money via deposit schemes promising high returns.

The Enforcement Directorate (ED) on Wednesday conducted search and seizure action at 17 residential and office premises of directors and promoters linked to Amrit Group of companies in Kolkata and Indore in connection with an alleged cheating and money laundering case.

The searches are still underway, covering premises of suspects including KC Dujari, Kali Kishore Bagchi and others linked to Amrit Group of companies, officials said.

Details of the Allegations

ED's Kolkata zone simultaneously launched the search operation under section 17 of the Prevention of Money Laundering Act (PMLA) in close coordination with security forces and state police. Amrit Group of companies and its directors are accused of collecting a huge sum of money from the general public under the guise of various deposit schemes with the promise of high returns and cheating the public by not repaying the promised returns.

Probe to Establish Financial Trail

The federal agency is examining the activities of the Amrit Group of companies and its directors over allegations that they collected substantial amounts of money from members of the public through various deposit schemes by promising high returns. During the searches, ED officials are examining documents and other material available at the premises to trace the flow of funds and establish the financial trail, said officials.

The ED's action under the PMLA comes after the agency examined the alleged collection of funds from the public and the subsequent handling of those funds by entities and individuals linked to the group. The searches are aimed at gathering documentary and other evidence relating to the alleged financial transactions, the role of the directors and promoters, and the movement of funds, said the officials.

The agency is also expected to examine the records of the companies and associated individuals to determine the extent of the alleged financial irregularities and identify assets, if any, linked to the suspected proceeds of crime. (ANI)

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