New Delhi, October 4, 2024 (Yes Punjab News)
The Enforcement Directorate (ED) launched a series of raids on Friday across Kolkata, Punjab, Delhi, and Mumbai in connection with a chit fund case, according to sources.
The agency is targeting over two dozen locations as part of an ongoing investigation into alleged money laundering activities linked to the notorious chit-fund scheme.
ED raided premises including residence of Vikas Passi, a renowned builder in Ludhiana.
The raids, which began early on Friday, are being conducted at the premises of suspects involved in the case. The ED had previously registered the case against chit-fund companies with connections to Punjab and West Bengal.
Sources indicate that the chit fund firm defaulted on repaying the maturity amounts to investors, instead diverting the collected funds for personal gain and to benefit various other individuals. The operation is still ongoing.
