West Bengal

IIE DIGITAL DESK : The crackdown on financial fraud, the Enforcement Directorate (ED) has arrested two individuals in connection with an alleged money laundering case involving a staggering sum of ₹266 crore in West Bengal. The central agency confirmed on Saturday that the arrests were made following extensive investigations under the Prevention of Money Laundering Act (PMLA), and that several movable and immovable assets linked to the accused have also been frozen.

According to ED officials, the two arrested persons are key operatives in a complex web of financial deceit that involved multiple shell companies, forged documents, and layered bank transactions to siphon off massive sums of public and private funds. The case is believed to be linked to a larger network of economic offences, and the agency has not ruled out further arrests as the investigation continues.

In a statement released by the agency, the ED stated, “Investigations revealed that the accused were involved in orchestrating a financial fraud worth ₹266 crore through a series of transactions designed to conceal the source, movement, and ownership of the funds. Based on credible evidence and forensic financial analysis, we have taken two individuals into custody and have frozen assets that are proceeds of the crime.”

The identities of the accused have not been officially disclosed yet, as the agency claims the probe is still in a sensitive phase. However, sources familiar with the matter suggest that both individuals held influential roles in companies used to carry out the financial irregularities. Their arrests were reportedly made after they failed to provide satisfactory explanations during multiple rounds of ED questioning.

The investigation reportedly began after the ED took cognizance of a First Information Report (FIR) filed by a central investigative agency, which initially flagged suspicious financial transactions and disproportionate wealth accumulation. The ED has since tracked transactions across several states and banking institutions. Preliminary findings suggest that funds were routed through a labyrinth of shell firms and were invested in high-value real estate, luxury vehicles, and foreign accounts.

The agency has already frozen assets estimated to be worth several crores, including premium properties in Kolkata and other cities, luxury vehicles, and multiple bank accounts. Officials believe the real scale of the fraud could be even higher than currently estimated, and have initiated further forensic auditing of digital and paper trails.

This case adds to the growing list of high-profile financial fraud investigations in West Bengal in recent years, many of which have uncovered links to powerful business and political networks. While the ED has not made any political connections public in this case, speculation is rife about possible ties to local power brokers or political financiers.

The ED also reiterated its commitment to act against economic offenders without fear or favor. “We are pursuing this investigation with full seriousness. All those involved, regardless of their position or background, will be brought to justice,” the agency said.

Legal experts say that if the accused are found guilty, they could face substantial prison sentences along with heavy penalties under the PMLA. Meanwhile, the ED is likely to file a supplementary chargesheet soon and may approach the court for extended custodial interrogation to uncover the broader conspiracy.

The arrests have sent ripples through the financial and business community in Bengal, with many urging greater scrutiny and reforms in financial oversight mechanisms to prevent such large-scale frauds in the future. As the probe deepens, more revelations are expected in the coming weeks.