Bank fraud: ED raids jewellery firm's offices, accountant's residence in Kolkata

Sleuths of the Enforcement Directorate (ED) on Friday started simultaneous raids at various locations in Kolkata in connection with their probe into a Rs 1,200 crore bank fraud through fake loan acquisition allegedly by a jewellery company, a senior official said.

The central agency raided the residences of key officials of the jewellery company, including its owners and several employees, he said.

The raids have been conducted to secure critical evidence in the case, the official said.


The residence of a chartered accountant in the Girish Park area in north Kolkata was among the locations where raids were underway, he said, adding that the person concerned is believed to have played a crucial role in the fraudulent scheme.

"These raids are part of our sustained efforts to root out financial misconduct and ensure that those who exploit the banking system are held accountable," the ED official said.

The modus operandi of the fraud involved the creation of fictitious companies, which were used to secure loans from at least 25 banking institutions, he said.

The jewellery firm's management is suspected of "orchestrating a complex web of deceit to manipulate the financial system, utilising fabricated entities to siphon off large sums of money in the form of unsecured loans", the ED official added.