ED raids multiple locations across Bengal in crypto-chit fund probe; former ECL employee, Stock Gurukul founder under scanner

The Enforcement Directorate (ED) carried out searches at several locations across West Bengal on Thursday as part of an ongoing money laundering investigation linked to alleged chit fund scam. Probe focuses on suspected fraud involving cryptocurrency investments, stock market training schemes, illegal collection of money from investors.

Search operations were conducted in multiple districts with the support of central security forces.

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Raids conducted in three districts

One of the major raids took place at the residence of Dilip Mallick, a former employee of Eastern Coalfields Limited (ECL), in Andal of West Burdwan district. ED teams also searched the home of Sourav Chatterjee in Howrah district and premises linked to businessman Subhra Kanti Nag, also known as Babai Nag, in Nadia district.

Officials continued the searches for several hours while central forces remained deployed at the locations to ensure security during the operation.

Father-son duo under scanner

According to investigation sources, Dilip Mallick lives with his family in the Sripalli Subhashnagar Riksadangal area of Andal. The agency is investigating allegations that Dilip and his son, Diganta Mallick, cheated investors of crores of rupees through cryptocurrency-related schemes.

Investigators claim the father and son opened an office at Fairlie Place in Kolkata, where people were encouraged to invest in cryptocurrency with promises of returns. The alleged investment drive was reportedly promoted on a large scale through social media campaigns led by Diganta Mallick.

Probe expands to overseas money trail

The ED is also looking into possible international connections in the case. According to agency sources, the accused are believed to have links with a businessman based in Dubai.

Officials suspect that a part of the money collected from investors may have been transferred abroad through money laundering channels.

Sources further revealed that Diganta Mallick had been arrested earlier in connection with the case but was later granted bail. During the latest phase of the investigation, the agency reportedly found evidence of large financial transactions in his bank accounts. Following these findings, ED officials searched the family’s residence in Andal on Thursday morning.

Howrah resident also under investigation

Another search was conducted at the house of Sourav Chatterjee, a resident of Kuchil Sarkar Lane under Batra police station in Howrah district.

According to the allegations, Chatterjee has links with several chit fund companies as well as businesses connected to the stock market. Investigators are examining his role and possible financial connections in the wider fraud case.

‘Stock Gurukul’ founder faces fraud allegations

The ED also searched properties linked to businessman Subhra Kanti Nag, popularly known as Babai Nag, in Kalinarayanpur of Nadia district.

Investigators allege that Nag operated a fake chit fund business under the name of stock market education and investment services. His company, called Stock Gurukul, is accused of collecting money from investors while presenting itself as a stock market training and investment platform.

The agency is investigating allegations of fraud and financial embezzlement involving the company.

(With input from IANS.)