Kolkata, September 23, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) on Wednesday conducted simultaneous search operations at 16 locations across Kolkata, Delhi and Bengaluru in connection with a multi-crore money laundering case involving alleged financial irregularities, foreign exchange violations and the acquisition of a corporate entity.
ED teams began searches at two locations in Kolkata, including the residences of directors of two corporate entities in Ballygunge and New Alipore in south Kolkata. Investigators are examining bank accounts and corporate records as part of the ongoing probe.
According to sources, the case relates to allegations of large-scale financial irregularities, suspected fraud involving foreign exchange transactions and the laundering of substantial funds. Based on the inputs, the agency launched coordinated searches across the three cities.
The searches are also linked to suspected violations of the Foreign Exchange Management Act (FEMA) and alleged irregularities in the utilisation and movement of funds involved in the acquisition of control of McNally Bharat Engineering Company Ltd (MBECL), sources said.
The premises being searched are reportedly associated with individuals and entities connected with MBECL and the acquisition process, including several private companies.
The ED is also examining whether the insolvency resolution process was allegedly used to facilitate the indirect regaining of control of the company by persons who may have been ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016.
Apart from Kolkata, separate ED teams are carrying out searches at locations in Delhi and Bengaluru. In all, 16 premises are being covered as part of Wednesday’s operation.
The search and seizure proceedings were underway at the time of filing this report.
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