CBI Raids 5 Kolkata Locations in Multi-Crore Bank Fraud and Embezzlement Probe

The Central Bureau of Investigation on Thursday carried out coordinated search operations at five locations across Kolkata in connection with a multi-crore bank fraud and embezzlement case, signalling intensified scrutiny by central investigative agencies in the city.

Officials familiar with the development said the searches were part of a continuing investigation into alleged large-scale financial irregularities, including suspected fund diversion through multiple banking channels. The CBI described the operation as “combing searches”, indicating a thorough examination of documents, digital records and financial trails linked to the case.

One of the primary locations under the scanner was a luxury residential complex, Ganesh Court, situated on Alipore New Road in south Kolkata. CBI teams entered a fifth-floor apartment belonging to a businessman believed to be a key figure in the ongoing probe. Investigators are examining financial transactions and links connected to the premises as part of efforts to trace the alleged flow of illicit funds.

Security around the search locations was significantly tightened during the operation. Visuals from Ganesh Court showed a heavy deployment of paramilitary personnel, with at least six security personnel positioned outside the building and additional forces stationed inside to ensure the searches were conducted without disruption. Similar arrangements were made at other locations covered during the operation.

According to sources, the investigation relates to suspected bank fraud involving diversion of funds running into several crores of rupees. Preliminary findings suggest that the proceeds of the alleged illegal activities were routed through multiple banking channels, including international payment platforms such as PayPal. The agency is examining transaction trails to identify the beneficiaries and possible shell entities used to launder or siphon off funds.

While the CBI has not yet disclosed the identities of the individuals under investigation or the specific banks involved, officials indicated that the searches are expected to yield crucial evidence. Details regarding seizures, if any, are likely to be shared once the initial phase of the operation is completed.

The latest CBI action comes shortly after recent operations conducted by the Enforcement Directorate in Kolkata, highlighting increased coordination and focus by central agencies on alleged financial misconduct in the region. Investigators are reportedly examining whether there are overlapping financial trails or common links between cases being probed by different agencies.

Kolkata has witnessed a series of high-profile investigations in recent months, with central agencies stepping up action against alleged banking and financial frauds. Officials said Thursday’s raids are part of a broader effort to crack down on economic offences involving misuse of banking systems and diversion of public funds.

Further action in the case is expected in the coming days as investigators analyse documents and digital evidence collected during the searches. The CBI is also likely to summon individuals connected to the transactions under scrutiny as the probe progresses.