ED's Crackdown on Prayag Group: Chit Fund Scam Exposed

The Enforcement Directorate has initiated raids at various locations linked to the Prayag Group in Kolkata, as part of its investigation into a significant chit fund scam. This scam reportedly involved amassing over Rs 1,900 crore through illegal schemes across several Indian states.

The Enforcement Directorate (ED) launched a series of searches Tuesday morning at several Kolkata locations tied to the Prayag Group, addressing a substantial chit fund scam, officials reported.

Raids were conducted at a senior Prayag Group official's New Alipore residence and a guest house in suburban Joka, involving heavy security from Central Armed Police Forces.

The Prayag Group had allegedly collected over Rs 1,900 crore through unlawful schemes across eastern and northeastern India, leading to the 2017 arrests of CMD Basudeb Bagchi and his son Avik Bagchi by the CBI.

(With inputs from agencies.)