ED raids noted CA’s residence in Bhopal

BHOPAL: The Enforcement Directorate (ED) on Wednesday conducted raids at the residence of the prominent chartered accountant BC Jain in Madhya Pradesh’s Bhopal following a complaint of alleged financial irregularities.

The ED officials reached Jain’s residence in Arera, a posh colony, early morning on Wednesday.

Jain is reported to have close associations with major industrialists and business figures in the state. The ED operation included raids on Jain’s residence and his chartered accounting firm, BCP Jain & Co, in Arera Colony.

The raid was carried out based on complaints against alleged financial malpractices with Jain. By dawn, the officials were spotted checking documents at multiple places associated with Jain. He is accused of laundering black money through various financial institutions and businesses, according to sources.

The team has seized mobile phones and laptops from the accused and are scanning the papers and financial accounts as part of the probe.

The ED is supposed to come up with more findings on this case in the coming days. With no official statement yet, there is a possibility of several arrests in the matter.

Jain’s company handles the finances of many top industrialists and entrepreneurs.

It is believed that the company manages the heavy financial activities and the huge amount of paperwork related to big industries. So, the raid here is considered a key step towards cracking the financial corruption prevailing in the state’s capital.