Kolkata, October 5, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) on Monday conducted searches at multiple locations in Kolkata and Odisha as part of its investigation into an alleged Rs 1,109-crore bank fraud involving a Bhubaneswar-based company.
According to ED sources, investigators searched a total of nine locations, including premises in Kolkata’s Posta and Burrabazar areas. The searches are focused on tracing the alleged diversion and laundering of funds linked to the bank loan.
The case was initially investigated by the Central Bureau of Investigation (CBI), which had earlier conducted searches in Kolkata based on allegations against the company. The ED subsequently took up the money-laundering investigation.
ED sources alleged that the Bhubaneswar-based company had obtained loans amounting to Rs 1,109 crore from a bank and subsequently diverted the funds through various channels. Investigators are examining whether part of the money was moved from Odisha to Kolkata as part of an alleged money-laundering operation.
The agency is also probing allegations that the company manipulated its financial records to secure the loans. According to the allegations, the value of its stock and trade receivables was inflated and financial statements were falsified to present a stronger financial position while obtaining bank credit.
The latest searches are aimed at identifying the source and movement of the alleged proceeds and gathering documents and other evidence relevant to the investigation.
The ED has stepped up its activity in Kolkata in recent weeks. A few days ago, the agency conducted searches at 15 locations in Kolkata and adjoining areas in connection with alleged financial irregularities involving the sale of Durga Puja “preview passes”.
That investigation reportedly involved former West Bengal minister Indranil Sen and his wife. The ED searched their residence and garden, besides premises linked to relatives and associates. Sen was subsequently summoned to the agency’s CGO Complex office in connection with the case.
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