ED raids premises of Ludhiana-based realtor
As per sources privy to the move, the ED raids were also launched across Kolkata, Delhi and Mumbai targeting over two dozen locations.
The Enforcement Directorate (ED) conducted a raid at the residence of a real estate businessman Vikas Passi in Ludhiana’s Sarabha Nagar area on Friday. The raid was part of an investigation into a massive ₹60,000 crore chit fund scam.
As per sources privy to the move, the ED raids were also launched across Kolkata, Delhi and Mumbai targeting over two dozen locations.
According to sources, the ED team from Delhi arrived at Passi’s residence and other associated locations around 6 am, accompanied by security personnel.
The officials thoroughly searched the premises, reviewing multiple documents linked to Passi’s business operations. Passi was also questioned by the authorities regarding his alleged involvement in the scam.
The raid is believed to be part of a larger crackdown by the ED to investigate the nationwide chit fund scam, which has defrauded thousands of people.
It is learnt that the chit fund firm defaulted on repayment of the maturity amount after getting the money from investors and diverted the collected fund for personal gain and to various other beneficiaries.
With inputs from Agencies
