Chit fund case: ED raids over two dozen locations in Punjab, Kolkata, Mumbai, Delhi
THE JHARKHAND STORY DESK New Delhi, Oct 4: Sources reported that the Enforcement Directorate (ED) initiated a series of raids on…
THE JHARKHAND STORY DESK
New Delhi, Oct 4: Sources reported that the Enforcement Directorate (ED) initiated a series of raids on Friday in Kolkata, Punjab, Delhi, and Mumbai related to a chit-fund case.
Sources informed that the agency is targeting over two dozen sites in Kolkata, Punjab, Delhi, and Mumbai.
This large-scale operation is part of an ongoing probe into a prominent chit-fund case related to money laundering.
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The ED earlier lodged a chit-fund case against chit-fund companies linked to Punjab and West Bengal, and the raids, which began early on Friday, are still ongoing at the residences of suspects in the case.
Reports indicate that the chit fund firm defaulted on the repayment of maturity amounts after collecting money from investors and misappropriated the funds for personal gain and to other beneficiaries.
