New Delhi [India], October 4 (ANI): The Enforcement Directorate (ED) on Friday launched a series of raids across Kolkata, Punjab, Delhi and Mumbai in a chit fund case, sources said.

As per the sources privy to the move, the agency is targeting over two dozen locations in Kolkata, Punjab, Delhi, and Mumbai.

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This extensive operation is part of an ongoing investigation into a notorious chit-fund case linked to money laundering activities.

The raids, which started early on Friday, are still underway at the premises of suspects involved in the chit-fund case, which was registered earlier by the ED against chit-fund companies connected to Punjab and West Bengal.

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It is learnt that the chit fund firm defaulted on repayment of maturity amount after getting the money from investors and diverted the collected fund for personal gain and to various other beneficiaries. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)