The ED has launched fresh raids across West Bengal in a crypto investment fraud investigation linked to a chit fund scam, money laundering, and suspected Dubai connections. The case shows how fake crypto schemes continue to target investors across India.
The Enforcement Directorate (ED) carried out raids at several places across West Bengal as part of an investigation into an alleged crypto investment fraud and money laundering case.
The agency searched houses and business locations linked to people accused of cheating investors through cryptocurrency schemes, fake stock market training programs, and chit fund scam operations. Officials believe the group collected large amounts of money by promising high returns.
The searches took place in West Burdwan, Howrah, and Nadia districts. ED teams, along with security personnel, examined documents, bank records, computers, and other digital devices.
The investigation is focused on Dilip Mallick, his son Diganta Mallick, Sourav Chatterjee, and businessman Subhra Kanti Nag. Officials are trying to find out how the money was collected and where it was later transferred.
Investigation Focuses on Key Suspects
According to the investigation, Dilip Mallick and Diganta Mallick allegedly invited people to invest in cryptocurrency through an office in Kolkata. They reportedly assured investors that the schemes would deliver high profits within a short period.
Investigators believe many people trusted these promises and invested large amounts of money. Diganta Mallick also allegedly used social media to promote the investment plans and attract more investors.
Officials said Diganta Mallick had faced arrest earlier in the same case and later secured bail. Fresh checks of his bank accounts reportedly showed several large transactions, which encouraged investigators to continue the probe. The ED is now reviewing these financial records to understand how the money moved through different accounts.
ED Examines Money Trail
The investigation has also raised questions about possible overseas transactions. Officials suspect some of the money may have reached a businessman based in Dubai through illegal channels. The agency is checking financial records and payment details to confirm whether investor funds moved outside India.
The ED also searched the residence of Sourav Chatterjee in Howrah. Investigators believe he has links with several chit fund companies and businesses connected to stock market activities. They are examining his financial records to understand his role in the wider case.
Another team searched the property of businessman Subhra Kanti Nag, also known as Babai Nag, in Nadia district. Investigators claim he operated a company called Stock Gurukul, which presented itself as a stock market training institute.
Officials believe the company collected money from investors while offering false investment opportunities. Reports said Nag and his family were not at home when the search began.
Investors Urged to Stay Cautious
Many fraudsters now mix cryptocurrency, stock market lessons, and social media promotions to make fake investment schemes look genuine. Cases like this remind investors to check every platform carefully before investing money, especially when guaranteed profits are promised.
The latest ED raids came only a few days after another financial investigation in West Bengal under the Prevention of Money Laundering Act. The agency has not released an official statement on the latest operation. More information is expected after officials complete the investigation and review all the seized records.
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