ED Cracks Down on Major Kolkata Bank Fraud

The Enforcement Directorate (ED) launched a series of raids across Kolkata on Friday, targeting a suspected Rs 1,200-crore bank fraud orchestrated by a jewellery company. Agents focused on several locations, including the residences of the company's key figures and employees in New Alipore, Girish Park, and Sarat Bose Road.

According to a senior official from the agency, these raids aim to gather critical evidence to build a solid case against those allegedly responsible for financial misconduct. Among the locations searched was the home of a chartered accountant in Girish Park, believed to have played a crucial role in the fraudulent activities.

During the raids, documents concerning certain transactions, bank account details, and hard disk drives were seized. This swift action is part of the ED's ongoing campaign to dismantle complex fraud networks exploiting the banking system and to hold accountable those involved in such schemes. The fraudulent operation reportedly involved creating fictitious companies to obtain unsecured loans from over 25 banking institutions.