Kolkata, Nov 4 (SocialNews.XYZ) Enforcement Directorate (ED) officials on Wednesday conducted search operations at the residence and office of businessman Shyamal Byapari in Kolkata's suburban Kamalgazi area as part of an ongoing money laundering investigation linked to an alleged hawala network and cyber fraud proceeds.
According to the ED, the search operation began at around 7 a.m. based on a case registered in Guwahati. The agency carried out simultaneous raids at the businessman’s residence under the Narendrapur police station limits and his office premises.
Investigators suspect that illicit funds generated through cyber fraud were routed through a business network operating under the guise of legitimate rice trade activities.
Officials alleged that substantial sums were laundered through hawala channels and that the accused was involved in financial irregularities amounting to several crores of rupees.
The searches are aimed at gathering digital evidence, financial records and other crucial documents that could help trace the flow of funds and identify other individuals linked to the network.
The agency is also examining several bank accounts suspected to be connected to the transactions.
According to sources, these accounts could be frozen if evidence of illegal activities emerges during the investigation.
ED officials are probing whether cyber fraud proceeds originating in Guwahati were funnelled through the Bengal-based business entity and subsequently circulated through hawala channels.
The latest action comes weeks after the ED conducted searches at multiple locations in Kolkata in connection with an alleged investment fraud case. The agency has intensified its scrutiny of financial crimes and money laundering networks operating in the state.
The ED's investigation is to find out how the cyber fraud money from Guwahati was circulated through a Bengal-based business entity through hawala and who else is involved in the ring.
Source: IANS
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