ED Raids Multi-Crore Chit Fund Scam

The Enforcement Directorate (ED) has conducted searches at five locations, including Visakhapatnam and Hyderabad, as part of its investigation into an alleged multi-crore chit fund scam. Searches were carried out at the office of Welfare Buildings and Estates as well as the residences and offices of its directors. The action was reportedly based on multiple FIRs and charge sheets registered in connection with the alleged financial irregularities.

During the searches, the ED reportedly seized ₹1.01 crore in cash, along with property-related documents and important digital devices. The agency also froze 182 bank accounts linked to the organisation and issued freezing orders against six luxury vehicles. According to the investigation, the company allegedly collected more than ₹2,000 crore from investors in the name of real estate activities. The ED is examining the financial transactions and assets as part of its probe.