Misuse of insolvency proceedings: ED conducts raids in West Bengal

Image used for representational purposes only | Photo Credit: Reuters The Enforcement Directorate on Friday (October 30, 2026) conducted searches at multiple locations in West Bengal as part of a money laundering probe linked to alleged misuse of insolvency proceedings, officials said.A total of eight premises have been raided in the State in the case involving Kohinoor Power, lender banks and some others, they said.The action has been initiated under the Prevention of Money Laundering Act (PMLA).The investigation is focused on suspected utilisation of "proceeds of crime" and alleged misuse of the National Company Law Tribunal (NCLT) proceedings, according to officials.The premises covered belong to the directors of the company, auditors and resolution professionals, they said. Published - October 30, 2026 12:29 pm IST