Rs 290-crore bank fraud: ED searches 11 locations in West Bengal, Jharkhand

The Enforcement Directorate (ED) is currently conducting a widespread search operation in West Bengal, as part of an investigation into a purported Rs 290-crore bank fraud and financial misappropriation case. According to ED officials, a private entity obtained a bank loan of Rs 290 crore under false pretenses of constructing a 66 MW power plant in Jharkhand.

However, the central agency claims the funds were allegedly misappropriated and transferred to the accounts of numerous fictitious companies. The raids commenced on Wednesday night, focusing on 11 locations, including Kolkata and Howrah, the residences and offices of directors and high-ranking officials involved in the fraud. Sources indicate that the ED team conducted a search at a multi-storeyed residence in Howrah and recovered several documents on Thursday.

Additional search operations are also being carried out in neighboring states, such as Jharkhand, to unearth the intricate network of fraudulent financial transactions, according to ED sources. The central agency has initiated legal proceedings under the Prevention of Money Laundering Act (PMLA) and launched the investigation. On Wednesday, ED officials conducted an unexpected raid at a multi-storeyed building in Kolkata's Shakespeare Sarani, as part of an alleged corruption case worth crores of rupees at a toll plaza. Concurrent raids were also conducted in seven other states, according to a source.