New Delhi, Nov 4: The Enforcement Directorate (ED) on Wednesday carried out searches at 10 premises across Odisha and West Bengal in the case of Kalpana Financial Services Private Limited and its director Amit Mandal, officials said.

ED's Bhubaneswar zonal office is conducting the search operation under the Prevention of Money Laundering Act (PMLA), 2002.

ED said the PMLA case was initiated on the basis of a First Information Report (FIR) registered by the Economic Offences Wing (EOW) in connection with an investment fraud operated principally under the name “Kalpana Financial Services” wherein members of the public were induced to invest money on representations that the funds would be deployed in the share market as well as trading activities and would yield fixed monthly returns ranging from approximately 3.5 per cent to 7 per cent.

"Through the scheme, around Rs 120 crore was collected from the public," the officials further said, adding, "further investigation is in progress". (ANI)