KOLKATA: Enforcement Directorate officials on Wednesday conducted raids at several places in connection with two Ponzi firms — Pincon Group and Tower Group. ED officers also searched the residence and office of the lawyer who represented the two companies.
The raids began at 7am. Incidentally, teams of Kolkata Police from Alipore Police Station soon reached the spots in south Kolkata where the raids were on. A Rapid Action Force unit was also present. By 5pm, another group of CRPF jawans arrived.
In 2017, Jaipur Police arrested Pincon Group owner Manoranjan Roy. In the same year, the ministry of corporate affairs prepared a list of 331 “suspected shell companies” and Pincon Group’s name figured among them.
The company had allegedly collected Rs 900 crore from investors by promising high returns. In 2018, Pincon Group was banned by the Securities and Exchange Board of India from raising money illegally from the market.
At Palpara in Howrah’s Jagacha, a residential premise of Ramendu Chattopadhyay, who headed the Tower Group, was also raided by ED.
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