ED Raids 7 Locations in Online Investment Scam Case
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The Enforcement Directorate (ED) from the Kolkata Zonal Office conducted raids on 17th June 2025 at seven different locations in West Bengal and New Delhi. These searches were part of a money laundering investigation related to a major online investment scam. In this scam, innocent people were misled into investing money with the promise of very high returns.
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How the Scam Worked
The fraudsters tricked people by promising them huge profits through online investment schemes. They added victims to WhatsApp groups and showed them fake profits using specially made investment apps. When investors tried to withdraw their money, they were asked to pay additional charges like capital gains tax or other fees. Even after making these extra payments, the victims never received their money back.
What ED Found During the Raids
During the searches, the ED froze 203 bank accounts linked to the scam and seized documents related to immovable properties worth over ₹12 crore, suspected to be purchased using the scam money. So far, ₹4.5 crore has been confirmed in 147 of the frozen accounts. The ED also recovered ₹4.5 lakh in cash from one of the searched locations. In addition, they seized mobile phones, laptops, digital devices, and important documents that may help trace the financial transactions and people involved.
Investigation Background
The ED began this investigation after an FIR was registered by the West Bengal Police, based on complaints from many victims. The investigation revealed that the money collected from investors was never invested in the stock market. Instead, it was moved through several mule accounts to hide the source and destination of the funds.
Ongoing Investigation
The ED is now working to find out the balances in the remaining frozen accounts and to identify everyone involved in the scam. The goal is to trace the full money trail, understand the entire operation, and recover more of the investors’ money.
