The ED carried out search and seizure operations at 17 residential and office premises linked to directors and promoters of the Amrit Group of companies in Kolkata and Indore as part of an investigation into alleged cheating and money laundering.
The searches covered premises associated with suspects including KC Dujari, Kali Kishore Bagchi and others linked to the Amrit Group. The ED’s Kolkata zone launched the operation under Section 17 of the Prevention of Money Laundering Act (PMLA), in coordination with security forces and state police. Officials said the searches were continuing.
Deposit Schemes and Promised Returns Under Probe
The Amrit Group of companies and its directors are accused of collecting substantial amounts of money from members of the public through various deposit schemes. Investors were allegedly promised high returns on the money deposited with the group.
The allegations centre on claims that the promised returns were not repaid to members of the public. The federal agency is examining the activities of the group and its directors to determine how the funds were collected and subsequently handled.
The investigation is also looking at entities and individuals linked to the group and their alleged role in dealing with the money collected through the deposit schemes.
The ED action follows the agency’s examination of the alleged collection of public funds and their subsequent handling. Investigators are seeking to establish the circumstances surrounding the transactions and the movement of the money.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
ED Examines Documents to Trace Financial Trail
During the searches, ED officials were examining documents and other material found at the premises in an effort to trace the flow of funds and establish the financial trail.
The operation is aimed at gathering documentary and other evidence connected with the alleged financial transactions. Investigators are also examining the roles of directors and promoters associated with the group and the movement of funds after they were collected from members of the public.
The searches cover both residential and office premises, allowing investigators to examine records and other material connected with the companies and individuals under scrutiny.
Officials are seeking information that could help determine how the collected money was handled and whether it moved through other entities or individuals associated with the group.
Company Records and Possible Assets Examined
The agency is also expected to examine records belonging to the companies and associated individuals to determine the extent of the alleged financial irregularities.
Investigators will examine whether any assets can be identified as being linked to suspected proceeds of crime. The inquiry is focused on establishing the financial trail and determining the roles of the entities, directors, promoters and other individuals connected with the Amrit Group.
The searches in Kolkata and Indore remain part of the ED’s investigation into allegations that substantial sums were collected from the public through deposit schemes promising high returns and that the promised returns were not subsequently repaid.
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