Follow us on Google News
The Enforcement Directorate raided 10 premises in Odisha and West Bengal over an alleged ₹120 crore investment fraud case.
The searches were conducted on November 4, 2026, as part of a money laundering investigation involving Kalpana Financial Services, an investment scheme accused of collecting public deposits by promising fixed monthly returns. According to the Enforcement Directorate (ED), the scheme’s promoters allegedly raised approximately ₹120 crore from investors by claiming that their money would be invested in share market and trading activities.
How Did the Alleged Investment Scheme Operate?
The investigation originated from a First Information Report registered by the Economic Offences Wing (EOW) of Odisha Police. According to the ED, Kalpana Financial Services allegedly attracted members of the public by promising monthly returns ranging from 3.5% to 7% on their investments. Investors were reportedly told that their funds would be deployed in stock market and trading activities, with the expectation of receiving fixed monthly earnings.
The agency alleged that the promoters collected approximately ₹120 crore from the public through the scheme. The allegations form the basis of the money laundering investigation, which is examining the financial activities associated with the investment operation.
https://the420.in/fcrf-certified-chief-ai-officer-second-cohort-november-2026/
Where Did the ED Conduct Searches?
The Enforcement Directorate conducted searches at 10 premises across Odisha and West Bengal under the provisions of the Prevention of Money Laundering Act (PMLA).
According to officials, the locations included premises associated with Kalpana Financial Services and its director, Amit Mandal. The searches were carried out in connection with the investigation arising from the Odisha Police EOW case involving alleged fraudulent collection of public money.
The central agency’s action focuses on the financial transactions connected with the scheme and the allegations recorded in the original police complaint. The allegations against Kalpana Financial Services and those associated with the scheme remain under investigation.
