Kolkata/New Delhi: A special court in West Bengal has sent Kolkata-based businessman Joy Kamdar to eight days of Enforcement Directorate (ED) custody in a major money laundering case. Kamdar was arrested on Sunday under the Prevention of Money Laundering Act (PMLA).
The agency has claimed that evidence points to suspicious financial transactions worth nearly ₹1,100 crore linked to a complex corporate network.
According to the ED, large-scale questionable transactions were routed through Kamdar’s company, Sun Enterprise. During the preliminary investigation, the agency has identified more than 25 shell and suspicious companies allegedly connected to the wider financial network.
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Shell Firms and Cash Trail
The agency informed the court that bank accounts linked to the accused entities show transactions amounting to approximately ₹1,100 crore. Of this, nearly ₹500 crore was reportedly deposited in cash over the last four months alone, raising serious concerns about the source and legitimacy of funds.
Investigators also found that around ₹40 crore was transferred from the bank account of a Kolkata Gujarat Education Society into another company’s account. The ED suspects this could be part of a layered fund diversion mechanism designed to obscure the original source of money through multiple financial channels.
Links Under Verification
In another key development, the agency has flagged financial links between Joy Kamdar and a South Kolkata-based individual, Biswajit Poddar, also known as ‘Sona Papp’. Documents recovered from Poddar’s company, SP Construction, reportedly show transactions worth around ₹1.5 crore with Kamdar.
A more alarming angle under examination involves alleged financial trails suggesting that Kamdar’s company may have been involved in transactions linked to the purchase of firearms and ammunition in the name of Poddar’s wife. The ED has stated that this aspect is under verification and is being examined from the perspective of potential illegal activity.
The agency told the court that further interrogation of Kamdar is necessary as it expects more individuals to emerge during the questioning. Officials are also analysing how funds were systematically moved through multiple accounts and corporate layers to disguise their origin and destination.
Wider Probe Continues
Investigators are additionally probing alleged links between Kamdar and certain influential individuals, including some police officials. The ED is examining whether any form of protection or facilitation was extended to the alleged network. However, no official confirmation has been made regarding these connections so far.
Financial crime experts believe the case reflects a textbook example of money laundering operations involving shell companies, cash-heavy deposits, and layered transactions designed to integrate illicit funds into the formal financial system.
A renowned cyber crime expert and former IPS officer Prof. Triveni Singh noted that such cases highlight how modern financial crimes increasingly rely on complex corporate structures rather than direct digital breaches. According to him, “Money laundering networks today often operate through multiple shell entities, making detection difficult unless real-time financial monitoring and strong inter-agency coordination are in place.”
The ED continues to examine banking records, digital transaction data, and corporate filings to trace the full money trail. Officials have indicated that further arrests and possible asset seizures may follow as the investigation progresses.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
