New Delhi: The Enforcement Directorate (ED) conducted searches at 12 locations across West Bengal, Telangana, and Gujarat on Friday, October 10, 2025, in connection with a bank fraud case involving ₹2,700 crore.

The raids targeted 10 locations in Kolkata, one in Hyderabad, and one in Ahmedabad. The operation aims to trace the alleged diversion of bank funds and identify beneficiaries linked to a jewellery firm.

According to officials, the ED's action is related to a matter of bank fraud involving ₹2,700 crore. The searches are underway to gather evidence and further investigate the financial irregularities.

This is not the first time the ED has investigated a case involving a similar amount. On June 12, 2025, the Enforcement Directorate conducted searches in Rajasthan and Gujarat as part of a money laundering investigation into an alleged ₹2,700 crore fraud with investors. The case, filed under the Prevention of Money Laundering Act (PMLA), stemmed from a Rajasthan Police FIR against a company called Nexa Evergreen. The company allegedly duped investors by promising high returns and plots of land in Dholera city of Gujarat.

In that instance, the ED conducted raids at approximately 24 locations across Delhi, Rajasthan, and Gujarat. The Red Nexa Evergreen project reportedly lured investors with promises of high returns or property allocations. Allegations suggest that a significant number of investors were duped in the process, leading to the registration of multiple FIRs. The ED's investigation aimed to uncover the financial trail and identify key beneficiaries of the scam.