ED Raids Uncover Bank Fraud Tied to Odisha Welfare Organization

The Enforcement Directorate has frozen Rs 82 lakh in deposits and shares following raids on a social welfare organization linked to the late brother of a BJD MLA in Odisha. The organization, accused of bank fraud and money laundering, faces allegations of misusing public deposits and operating benami accounts.

The Enforcement Directorate (ED) has frozen deposits and shares worth Rs 82 lakh amid a money laundering probe into Bharat Integrated Social Welfare Agency (BISWA), a social welfare organization in Odisha. The raids targeted properties in Sambalpur and Delhi, linked to BISWA, run by the late Khirod Chandra Mallick.

BISWA, accused of violating Reserve Bank of India guidelines by accepting public deposits under the guise of financing self-help groups, is reportedly involved in a bank fraud exceeding Rs 200 crore. The ED alleges misuse of funds by Khirod Chandra Mallick, brother of Biju Janta Dal legislator Pramila Malik.

Authorities have frozen over Rs 72 lakh held in 505 suspected benami accounts and seized shares worth Rs 10 lakh. The ongoing investigation follows FIRs by the Odisha Police's economic offences wing and the Central Bureau of Investigation, aiming to uncover extensive financial misdeeds.

(With inputs from agencies.)