ED Seizes Assets in Dual Raids Over Financial Fraud and Exam Grading
The Enforcement Directorate executed a sweeping multi-state operation this Wednesday, conducting simultaneous searches in Odisha, West Bengal, Andhra Pradesh, and Telangana. The coordinated effort addresses two separate legal matters: a major investment fraud and a controversial public service commission exam grading controversy.
In the financial fraud probe, ED officers inspected ten premises across Odisha and West Bengal. The investigation is anchored in a Prevention of Money Laundering Act case initiated by the Economic Offences Wing against Kalpana Financial Services Pvt Ltd and its director, Amit Mandal.
Prosecutors allege that the company marketed a dubious investment plan to the public, guaranteeing monthly yields of 3.5 to 7 percent on purported stock market and trading ventures. Evidence suggests the scheme amassed close to ₹120 crore from ordinary citizens. The agency confirmed that tracing the flow of these illicit funds and linking them to laundering networks is ongoing.
Concurrently, a regional ED unit in Hyderabad initiated search operations at seven designated locations in Telangana and Andhra Pradesh. The action pertains to a PMLA case involving irregularities in the manual evaluation of answer sheets for the AP PSC Group-1 main examinations.
The complaint highlights a questionable disbursement of ₹1,14,32,312 to an external agency tasked with evaluating scripts. Search operations targeted the office and residence of former AP PSC Secretary P. Seetharamanjaneyulu, alongside properties linked to Camisane Media Pvt Ltd and director P. Madhusudhan Rao.
Investigators also entered Avasa Resort Highland in Guntur, where the physical answer sheets were reportedly kept for grading. The probe further extended to Truegrader Services, a subsidiary of Stone Media Advisory Pvt Ltd that managed digital assessments. Teams gathered evidence from the offices of managing director Akela Peri Srinivasa Rao and evaluation official Mahankali Raghuram.