ED raids target ₹120 crore investment scam in Odisha and West Bengal

The Enforcement Directorate raided ten premises in Odisha and West Bengal on Wednesday, probing a money‑laundering case linked to an alleged ₹120 crore investment fraud. The raids were triggered by a FIR filed by the Odisha Police Economic Offences Wing, which alleged that a scheme operating under the name Kalpana Financial Services duped ordinary people. Promoters promised fixed monthly returns of 3.5‑7 percent, claiming the money would be used for share‑market trading. Authorities say the promoters collected about ₹120 crore from the public. The searches targeted properties of Kalpana Financial and its director Amit Mandal, and were carried out under the Prevention of Money Laundering Act.

Context

The case highlights a growing pattern of fraudulent investment schemes that lure small investors with high guaranteed returns and then attract scrutiny under anti‑money‑laundering laws.