The Enforcement Directorate has conducted searches at premises linked to the Amrit Group of companies in Kolkata and Indore as part of a money laundering investigation into an alleged investment fraud case. Officials said the operation covered locations connected to KC Dujari, Kali Kishore Bagchi and others associated with the group. Investigators are examining financial records, documents and electronic data to trace funds allegedly collected through investment and deposit schemes. The probe remains ongoing, and the allegations have not been established by a court.
ED Raids Amrit Group Linked Premises in Kolkata and Indore Amid Alleged Investment Fraud Money Laundering Probe
The Enforcement Directorate on Friday carried out simultaneous searches in Kolkata and Indore in a money laundering probe against the Amrit Group of Companies and connected individuals in an alleged investment fraud case.
The Enforcement Directorate raid operation began Wednesday at several locations in Kolkata and Indore as investigators pursued a money laundering probe linked to an alleged investment fraud case involving several investors.
Officials said search and seizure operations are continuing at a number of premises linked to suspects including KC Dujari, Kali Kishore Bagchi and others associated with the Amrit Group of companies.
The Enforcement Directorate’s Kolkata Zonal Office has initiated the coordinated operation under Section 17 of the Prevention of Money Laundering Act in collaboration with security personnel and state police authorities.
The probe is being carried out on allegations that the Amrit Group of companies collected huge funds from members of the public in the garb of various investment and deposit schemes, officials said.
The authorities are looking into claims that investors were told they would get high returns from such schemes and later raised questions about repayment of those returns and how the money was handled.
Enforcement Directorate Examines Amrit Group Financial Records
The money laundering probe relates to allegations that the Amrit Group of companies and its directors collected huge amounts from the public through various deposit schemes.
Officials said the federal agency is looking into the group’s finances and its directors, including how money was raised from investors and how it was handled.
The Enforcement Directorate is probing whether the money collected through the schemes was managed as per financial and legal requirements under Indian law.
During the searches, officials examined documents, financial records, electronic data and other materials available at the sites covered by the operation.
The objective is to get a detailed financial trail and understand the flow of money between companies, promoters, directors and associated entities, authorities said.
Officials said investigators are especially interested in tracing transactions that might help shed light on the flow of money connected to the alleged investment schemes.
Authorities were collecting documentary evidence which may help identify financial links and possible proceeds of crime, a person familiar with the operation said.
Sprouts News reported that investigators are also reviewing records that could provide more insight into the structure and operations of the entities being looked into.
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Focus on Fund Flow, Directors and Alleged Financial Irregularities
The ED’s action follows scrutiny of allegations of collection of public deposits and the subsequent use of the money by the linked entities.
The searches are to gather evidence on the alleged financial dealings, role of directors and promoters and the movement of money, officials said.
The agency is expected to continue with analysis of company records and associated documentation recovered as part of the ongoing investigation during the operation.
The authorities are also looking to see if some assets can be linked to suspected proceeds of crime, pending results emerging from the investigation process.
There have been no final conclusions by the Enforcement Directorate, and the searches were yet to be completed as per the latest official update.
Officials stressed that the probe is being carried out under the framework of the Prevention of Money Laundering Act and other related legal provisions.
Investigators will assess all recovered material before deciding any further action under the law, a person familiar with the proceedings said.
The case is a reflection of an ongoing regulatory crackdown on alleged investment schemes that lure in public deposits with the promise of huge returns and financial benefits.
Officials said that further developments are expected once the Enforcement Directorate completes its examination of seized records, financial documents and other evidence collected during the searches.
