Enforcement Directorate investigation into multi-crore investment fraud in West Bengal

The Saradha Group, a Kolkata-based conglomerate, allegedly collected deposits of up to Rs 2,500 crore from lakhs of small investors across West Bengal and adjoining states through a Ponzi/collective investment scheme before collapsing in 2013. The Supreme Court of India directed the CBI to take over the investigation from the West Bengal state SIT, citing involvement of politicians and influential persons. Parallel proceedings are ongoing before the CBI's special court and a PMLA court in Kolkata, with multiple accused persons facing trial — in August 2024, the PMLA court dismissed the ED's money-laundering complaint against Senior Advocate Nalini Chidambaram for want of a prima facie case, and the Supreme Court subsequently disposed of her related plea as infructuous.

The Enforcement Directorate uncovered a pan-India organised network of cyber fraudsters operating digital arrest scams, affecting over 330 victims and resulting in losses exceeding Rs 400 crore. The network is subject to over 163 FIRs across 20 states and Union Territories.

The CBI conducted coordinated searches at 80 locations across 16 states and Union Territories as part of a crackdown on cybercriminal networks involved in digital arrest scams. Two arrests were made during the operation. The investigation targets organized fraud schemes that have victimized hundreds of people across India.