Kolkata, Oct 5 — The Enforcement Directorate (ED) is active again in the bank fraud case as central agency investigators raided various addresses in Kolkata on Monday.
They are conducting searches not only in Kolkata but also in Odisha. According to ED sources, searches are underway in a total of nine places.
It is learned that a Bhubaneswar-based company was accused of corruption worth Rs 1,109 crore. Initially, the Central Bureau of Investigation (CBI) started investigating this case. Later, the ED took over the investigation of that case. Based on that information, they have been conducting searches in the Posta and Burrabazar areas of Kolkata since Monday morning.
According to ED sources, the Bhubaneswar-based company took a loan of Rs 1,109 crore from the bank. Allegedly, that money has been embezzled. It is also alleged that money was laundered from Odisha to Kolkata through various means. The ED has started investigating the allegation of strategically diverting the loan money.
Earlier, the CBI had conducted searches in the Posta and Burrabazar areas based on the information in this case. ED sources claimed that this search operation is to find out the source of money laundering.
The central investigation agency said that the company had increased the stock price and commercial dues to get the loan and rigged the financial statements. It was further alleged that the company inflated the value of its stock and trade receivables to obtain loans and falsified its financial statements.
A few days ago, the ED conducted searches at 15 places in Kolkata and adjoining areas on charges of financial irregularities in the sale of Durga Puja 'preview passes'. The raids were linked to former state minister Indranil Sen and his wife. In addition to his house and garden, the ED also raided the houses of his relatives and close friends. A marathon search was conducted. Later, Indranil Sen was summoned to the CGO Complex office of the ED based on the source of this case.