Kolkata. In a sweeping turn of events, the Enforcement Directorate (ED) executed coordinated raids on roughly 17 premises linked to Amrit Group’s entities and its promoters across Kolkata and Indore, Madhya Pradesh, on Wednesday. The operation forms a crucial part of a broader money‑laundering investigation centered on purported investment fraud.
Background of the Probe
The ED invoked the Prevention of Money Laundering Act (PMLA) to examine multiple locations in both cities. Authorities allege that a large number of investors were duped by schemes promising unusually high returns.
How the Funds Were Gathered
According to the investigating agency, the Amrit Group’s companies and their directors allegedly attracted public money through a series of deposit plans that advertised lucrative interest rates. The promised payouts, however, were reportedly never delivered to the investors.
"The alleged scheme lured investors with the appeal of quick, high‑yield returns, only to leave them empty‑handed," a senior ED official said.
Current Status of the Investigation
The raids aim to uncover documentary evidence and other material that could illuminate the financial irregularities and potential money‑laundering channels. As of now, the ED has not disclosed the specifics of any seized items.
- Searches conducted under PMLA provisions
- Targeted both corporate offices and personal residences of promoters
- Focus on tracing the flow of funds and identifying beneficiaries
Neither Amrit Group nor its promoters have offered an immediate comment on the enforcement action.
