ED raids Salt Lake businessman in multi-crore bank fraud and money laundering case

The Enforcement Directorate (ED) raided the residence of an optical fiber businessman in Salt Lake, Kolkata, as part of an investigation into alleged bank fraud and money laundering. Officials stated that the businessman had taken a significant loan from a private bank for business expansion. However, the funds were allegedly diverted to other purposes, and communication with the bank was later cut off. The bank filed a complaint in another state, prompting the investigation.

Sources revealed that the businessman is accused of taking unaccounted cash from several government officials in Bihar, under the pretense of converting the money into legitimate business investments. Allegations suggest that the funds were misused, with portions of the money reportedly being funneled to foreign accounts under fictitious identities. Documents, financial statements, and digital evidence linked to the transactions have been seized for further examination.

Investigators are currently tracing the financial flow of the diverted funds to establish the full scope of the alleged fraud. They are also looking into possible links with other individuals or organizations. The ED is scrutinizing the businessman’s transactions to determine the extent of foreign transfers and whether a wider syndicate was involved.