- Officials searched a commercial complex in Amalapada with CRPF security support.
- The wider investigation concerns an investment scheme linked to Kalpana Financial Services.
- The ED conducted searches across Odisha and West Bengal as part of its money laundering probe.
Anugola: The Enforcement Directorate (ED) on Wednesday conducted a search operation at a commercial complex in Amalapada,Anugola , Odisha, in connection with an alleged illegal trading and investment fraud case.
According to reports, the operation targeted premises located on the sixth line of Amalapada in Anugola town. A team of four ED officials, accompanied by Central Reserve Police Force (CRPF) personnel, searched the premises and examined documents, digital records and financial transaction details.
The operation is linked to a wider investigation into alleged money laundering and financial irregularities involving an investment scheme that reportedly collected around ₹120 crore from the public.
ED Investigates Alleged ₹120-Crore Investment Fraud
The wider case is linked to Kalpana Financial Services, which allegedly induced members of the public to invest money on the promise that it would be used for share-market and trading activities.
According to the Enforcement Directorate, investors were allegedly promised fixed monthly returns ranging from 3.5 per cent to 7 per cent.
The agency is investigating the financial transactions and the movement of funds collected through the scheme.
The investigation originated from a First Information Report (FIR) registered by the Economic Offences Wing (EOW) of Odisha Police.
Searches Conducted at Multiple Locations
The ED carried out searches at 10 premises across Odisha and West Bengal as part of the money laundering investigation.
The locations reportedly include Anugola, Bhubaneswar, Cuttack, Mayurbhanj and Kolkata.
The searches covered premises linked to Kalpana Financial Services, its director Amit Mandal and other individuals associated with the alleged investment network.
Investigators are examining financial documents, digital evidence and transaction records to establish the alleged flow of funds and identify those involved.
Investors Allegedly Lured with High Monthly Returns
The alleged investment scheme reportedly attracted people by promising attractive and fixed monthly returns from trading activities.
According to the ED’s investigation, around ₹120 crore was collected from members of the public.
The agency is examining whether the promised returns were actually generated through trading or were paid using money collected from subsequent investors.
The investigation is also aimed at identifying the beneficiaries of the alleged financial transactions and tracing the proceeds of crime.
Investigation Under Prevention of Money Laundering Act
The ED is conducting the investigation under the Prevention of Money Laundering Act (PMLA), 2002, based on the Odisha Police EOW case.
The searches are intended to gather evidence relating to the alleged fraud and money laundering.
Further details about any seizures or findings from the Anugolal search operation had not been officially confirmed at the time of publication. The investigation is continuing.
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