The Enforcement Directorate conducted searches at eight premises in West Bengal on Friday over alleged misuse of insolvency proceedings.
Why Did the ED Conduct the Searches?
The Enforcement Directorate (ED) carried out searches at multiple locations in West Bengal on October 30, 2026, as part of a money laundering investigation concerning alleged irregularities in insolvency proceedings.
According to officials, the investigation involves Kohinoor Power, lender banks and several other parties. The searches were conducted under the Prevention of Money Laundering Act (PMLA), which provides the legal framework for investigating suspected money laundering activities.
The central agency is examining the suspected utilisation of proceeds of crime and allegations that proceedings before the National Company Law Tribunal (NCLT) were misused. The inquiry concerns whether the insolvency process was improperly utilised in connection with the matters under investigation.
Officials confirmed that eight premises across the state were covered during the operation. The locations searched were associated with company directors, auditors and resolution professionals connected with the case. The investigation remains focused on the alleged financial irregularities and the circumstances surrounding the insolvency proceedings. The searches form part of the agency’s efforts to examine the suspected misuse identified during its inquiry.
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Who Is Under Investigation?
The case involves Kohinoor Power, lender banks and other parties whose roles are being examined in connection with the suspected irregularities. Officials identified company directors, auditors and resolution professionals among those whose premises were searched.
The involvement of these different parties places the investigation within the wider process of corporate insolvency, where financial records, professional responsibilities and proceedings before the NCLT are relevant to the allegations being examined.
Officials have also not disclosed specific transactions allegedly linked to the suspected misuse of insolvency proceedings. Further findings will depend on the continuing investigation into the alleged financial irregularities and the roles of the parties associated with the case.
