ED Raids Unmask Fund Fraud Amid Manipur's Fraught Politics

The Directorate of Enforcement (ED) conducted searches in Manipur, revealing a scheme led by Yambem Biren and Narengbam Samarjit. They allegedly collected over Rs 50 crore under a fraudulent investment plan, with the funds used against the Indian government, involving sedition and other charges.

The Directorate of Enforcement (ED) carried out key searches in Manipur on Wednesday, targeting individuals involved in a massive scheme allegedly amassing over Rs 50 crore through a misguided investment scheme. The funds were reportedly utilized in actions against the Indian government, drawing serious charges, officials reported.

The raids took place at five locations in Imphal, linked to Yambem Biren and Narengbam Samarjit, self-proclaimed leaders of the Manipur state council. These individuals are at the heart of the Salai Group of companies, indicated by ED sources. The case ties back to a controversial 2019 London conference where these figures declared Manipur's independence.

Evidence points to the creation of fraudulent schemes under the guise of Salai Financial Service (SAFFINS) which, acting as an unlicensed NBFC, promised exorbitant returns to investors. Ultimately, over Rs 57 crore was illicitly drawn from the public, with funds funneled into Salai Group and associated personal accounts, fueling further unrest.

(With inputs from agencies.)