Enforcement Directorate arrests father-son duo in Kolkata chit fund scam

The Enforcement Directorate (ED) has arrested Basudeb Bagchi and his son Avik Bagchi in Kolkata for their alleged involvement in a ₹2,800 crore chit fund scam. A court has placed them in ED custody for ten days. The Bagchis, promoters of the Prayag Group, are accused of defrauding investors through false high-return schemes. The ED's investigation revealed that ₹1,900 crore remains unpaid to investors. The ED conducted raids on their properties in Kolkata and Mumbai, uncovering illegal operations without necessary approvals from financial regulators. The agency aims to trace assets acquired with the defrauded funds.