ED Cracks Down on Kolkata's Jewellery Company for Major Bank Fraud

The Enforcement Directorate in Kolkata initiated multiple raids related to a Rs 1,200 crore bank fraud by a jewellery company. Fake loans were allegedly acquired through fictitious companies. Key company officials and a chartered accountant were targeted in these operations aimed at securing crucial evidence.

The Enforcement Directorate (ED) in Kolkata launched a series of raids on Friday, targeting locations linked to a jewellery company involved in a vast Rs 1,200 crore bank fraud scheme. The company's officials, including its owners and employees, are at the center of the ED's investigation for allegedly acquiring fake loans through fictitious companies.

Key personnel, including a chartered accountant residing in north Kolkata's Girish Park area, have been named as crucial figures in the fraudulent operations. The raids are designed to gather critical evidence and dismantle the network responsible for exploiting numerous banking institutions.

The ED is determined to eradicate financial fraud and hold accountable those who manipulate the banking system. The investigation highlights a complex fraud network orchestrated by the jewellery firm's management, who are accused of creating fabricated entities to obtain unsecured loans across 25 banking institutions.

(With inputs from agencies.)