ED Cracks Down on Chit Fund Scam: Raids Sweep Across Key Indian Cities

The Enforcement Directorate (ED) has launched raids in Kolkata, Punjab, Delhi, and Mumbai in connection with a chit fund case. This extensive operation targets over 24 locations and is part of a probe into money laundering practices tied to chit-fund companies in Punjab and West Bengal.

The Enforcement Directorate (ED) intensified its crackdown on a prominent chit fund scam by conducting raids across multiple cities, including Kolkata, Punjab, Delhi, and Mumbai, sources revealed on Friday.

The operation, encompassing more than 24 targeted locations, is a significant step in an ongoing investigation into widespread money laundering activities associated with chit-fund entities linked to Punjab and West Bengal.

Sources indicate that the implicated chit fund company failed to repay investors' maturity amounts, instead channeling the collected funds for self-enrichment and distributing it to various unauthorized beneficiaries. (ANI)

(With inputs from agencies.)