The Enforcement Directorate conducted searches across Odisha and West Bengal on Wednesday.
Officials launched the raids under the Prevention of Money Laundering Act.
The operation targets an alleged money laundering scheme involving 120 crore rupees.
Investigators searched ten premises linked to Kalpana Financial Services and director Amit Mandal.
The probe stems from a complaint by the Odisha Police Economic Offences Wing.
The FIR alleges that Kalpana Financial Services defrauded numerous common investors.
Promoters promised depositors fixed monthly returns ranging from 3.5 to 7 percent.
They claimed to deploy the collected funds directly into share market trading.
The firm ultimately collected about 120 crore rupees from unsuspecting victims.
Authorities continue to investigate the full extent of the fraudulent financial network.
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