The Enforcement Directorate (ED) Friday said it seized Rs 1.27 crore in cash after it raided two West Bengal-based companies as part of a money laundering probe against them linked to alleged chit fund fraud in which investors were duped of more than Rs 790 crore.
The raids were launched on March 1 at 15 premises in Kolkata, Siliguri and Howrah in West Bengal apart from Agra in Uttar Pradesh. The companies that faced the action were identified by the ED as Pincon Group and Tower Infotech Ltd.
The money laundering case of the federal agency, filed under criminal sections of the Prevention of Money Laundering Act, against the two companies stems from FIRs filed by the West Bengal Police for alleged misappropriation of funds to the tune of Rs 156 crore (Tower Infotech) and Rs 638 crore (Pincon Group), the agency said.
“The above chit fund companies have collected money from public by luring them with attractive schemes and offering very high rates of interest. These two companies have cheated the public by not returning the money,” the ED alleged.
The residences of directors of Pincon Group and Tower Group including Manoranjan Roy and Hari Singh and beneficiaries Subharti Banerjee, Sanjay Basu, Mina Dey and Ramendu Chattopadhyay apart from Eden Infraprojects Pvt Ltd, its directors Indrajit De and Sachchidanand Rai, Indian Structural Engineering Company Pvt Ltd and Ashish Wheels Ltd were searched, the ED said in a statement.
“Incriminating documents, digital evidence consisting of mobile phones and laptops and cash of Rs 1.27 crore were seized,” it said.
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