Chit fund scam: ED raids several places

Kolkata: The Enforcement Directorate (ED), on Tuesday, conducted raids across the city in connection with the probe of the Prayag Chit fund scam.

According to sources, on Tuesday multiple teams of the ED accompanied by the Central Force jawans conducted raids in several places, including Kolkata and its suburbs.

Search was conducted at the flat of Prayag chief Basudeb Bagchi and his son Avik Bagchi located in the New Alipore area.

Basudeb and Avik were arrested in 2017 by the Central Bureau of Investigation (CBI) in connection with a case registered in Odisha.

Prayag Chit Fund’s business was spread across North East India, including states like West Bengal, Bihar, Odisha Assam.

It was alleged that the organisation had collected funds worth about Rs 1900 crore from the common people offering lucrative returns.