ED raids Kalpana Financial Services in money laundering probe
India
The Enforcement Directorate (ED) just raided 10 spots linked to Kalpana Financial Services in Odisha and West Bengal.
The company is accused of tricking people into investing with promises of big monthly returns (think 3.5% to 7%), but they allegedly promised monthly returns of 3.5% to 7%.
Their director, Amit Mandal, is also under the scanner as part of this major money laundering probe.
Kalpana Financial Services raised about ₹120cr
Authorities say Kalpana Financial Services raised about ₹120 crore by claiming they'd invest in share trading, but it looks like those promises were too good to be true.
The ED conducted searches in Odisha and West Bengal in the money-laundering probe.