In a major crackdown on alleged financial irregularities, the Enforcement Directorate (ED) carried out extensive search operations across the National Capital Region and Goa, targeting premises associated with the 32nd Avenue Group in connection with a suspected fraud exceeding Rs 500 crore.
According to the report, Officials familiar with the investigation said the action follows a series of complaints lodged by investors who claimed they were misled and financially cheated by the group. Based on these allegations, multiple FIRs were registered, prompting the central agency to step in and initiate a detailed probe under money laundering provisions.
Preliminary findings suggest that funds amounting to over RS 500 crore may have been diverted through complex financial channels. Investigators are now tracing the movement of money to uncover the full extent of the alleged scam and identify properties and assets that could be provisionally attached under the law.
The report indicated that key promoter-directors of the group are currently either absconding or lodged in judicial custody, adding another layer of complexity to the ongoing investigation.
As part of parallel action linked to financial scrutiny, the ED also searched the residence of Pune-based chartered accountant Prakash Phopale, who is associated with Ashok Kharat. Officials believe crucial financial documents and digital evidence recovered during the search could help establish links in the suspected money trail.
Meanwhile, in a separate but related enforcement drive earlier this month, the ED’s Kolkata unit conducted coordinated raids at multiple locations in the city. The operation targeted individuals allegedly connected to a criminal syndicate led by Sona Pappu, also known as Biswajit Podder, along with his associates.
Searches were carried out at eight properties, including both residential and business establishments, linked to members of the network such as Rahul Das alias Babu Sona, entities under the Sun Group, and businessman Jay Kamdar. The action is part of an ongoing probe into suspected proceeds of crime generated through illegal activities.
Investigators revealed that Sona Pappu has been named in several serious criminal cases under the Indian Penal Code and the Arms Act, including charges of murder, attempted murder, extortion, and running an organised crime network.
The report said the ongoing investigations in both cases are focused on dismantling financial networks tied to criminal activities and ensuring that illicit assets are identified and seized.
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