The Enforcement Directorate conducted over 24-hour searches at premises linked to TMC MP Nadimul Haq. According to ED, discrepancies have been found in alleged financial transactions worth about Rs 60 crore. The agency is investigating the source of funds and possible hawala connections.
Kolkata: The Enforcement Directorate (ED) conducted a search operation for over 24 hours at the premises and other premises of an Urdu newspaper linked to Trinamool Congress (TMC) Rajya Sabha member Nadimul Haq. According to officials of the investigating agency, during this action, discrepancies have come to light in alleged financial transactions worth about Rs 60 crore. The agency is now investigating the nature of these transactions, source of funds and possible financial irregularities.
The ED action started on Monday morning and continued till the early hours of Tuesday. During this time, apart from the newspaper office located in Park Circus area of Kolkata, residential and other premises associated with Nadimul Haq were searched. The scope of investigation was not limited to Kolkata. The agency also conducted search operations at seven other locations in Delhi and Ranchi.
Checking bank records and digital documents
According to ED officials associated with the investigation, records, financial documents and digital materials related to bank transactions were examined during the search. The agency aims to understand the entire chain of alleged financial transactions and find out the real source of the money under investigation.
According to officials, such discrepancies have been found in some transactions involving about Rs 60 crore, in respect of which sufficient documents could not be made available immediately during the search. However, the actual nature of these transactions will become clear only after the investigation is completed.
The ED is trying to find out whether the transactions in question were related to genuine business activities or whether the money was transferred through some other means.
Hawala angle also investigated
The investigating agency is also probing the angle of alleged financial irregularities as well as possible use of informal financial channels like hawala. According to officials, the agency is trying to find out whether any part of the amount under investigation was diverted outside formal banking channels.
At present, this is a tentative aspect of the investigation and cannot be seen as a final conclusion until the ED investigation is completed. The agency is matching the true nature of the transactions based on financial records and digital content.
Nadimul Haq also interrogated
During the search operation, ED officials also interrogated Nadimul Haq. According to officials, the TMC MP was in Ranchi when the agency started the search. After this he was brought to Kolkata on Monday night.
After reaching Kolkata, he was interrogated during searches at his residence and office. Apart from the financial transactions allegedly related to the newspaper, the investigators also looked into some such financial transactions which are suspected to be related to TMC, which have come to light in the agency’s investigation.
However, as per available information, ED has not yet arrested any person in the case.
ED filed ECIR after FIR
The ED action began on the basis of a police first information report (FIR). This FIR was lodged at Bidhannagar Police Commissionerate. On the basis of this, the Central Investigation Agency filed the Enforcement Case Information Report i.e. ECIR.
After the ECIR was registered, the agency started investigating allegations of alleged illegal and unaccounted financial transactions and receipt of funds from dubious sources. The search operation is said to be part of this investigation.
The investigating agency is now analyzing documents, bank records and electronic material. Its objective is to establish the entire chain of parties involved in the alleged transaction, the source of the funds and the use of the funds.
The search operation lasted for more than 24 hours
ED’s action started on Monday morning. Apart from the newspaper’s office in Kolkata and the premises associated with Nadimul Haq, the agency’s teams also reached Delhi and Ranchi. According to officials, a total of seven other locations were also searched.
During such a long operation, investigators went through financial and digital records. Documents and electronic materials seized or collected by the agency in any search operation may be important for further investigation. However, the ED has not yet presented any final findings or allegations as judicially established facts in this case.
Transactions worth Rs 60 crore at the center of investigation
The most important point in the case is the alleged financial transactions involving around Rs 60 crore. According to ED officials, during the search, discrepancies were found regarding some transactions for which satisfactory records were not immediately found.
Now the agency is trying to determine whether there were genuine business activities behind these transactions or some other mechanism was used to transfer funds. Analysis of bank records, documents and digital data can help investigators find answers to these questions.
No arrest, investigation continues
Till Tuesday, ED had not announced any arrest in this case. The interrogation of Nadimul Haq and investigation of financial and digital material collected from various premises is likely to continue.
It is also important to note that the investigation into the alleged financial irregularities is still at an initial stage. To prove any transaction illegal, the investigating agency will have to establish its case on the basis of relevant documents, financial records and other evidence.
At present, the ED’s focus is on investigating the nature of the alleged transactions of Rs 60 crore, the source of funds and possible hawala connections. Based on further investigation, the agency will decide on its action in this matter.