Arrested Trinamool MLA's Relative Under ED Scanner For Investing 'Black' Money In Mutual Fund

(MENAFN- IANS) Kolkata, Sep 4 (IANS) A relative of arrested Trinamool Congress MLA Jiban Krishna Saha from his in-law's family is under the Enforcement Directorate (ED) scanner for purchasing investment instruments under his name for diversion of school job scam proceeds.

The proceeds were allegedly collected by Saha, said sources.

Sources in the ED said on Thursday, Saha has emerged as the main architect of investment in mutual funds. Allegedly, he embezzled a huge amount of money from proceeds collected by him for providing school jobs, which he strategically invested in a mutual fund through a state-owned bank with the help of his close relative and brother-in-law.

According to the documents received by the ED, this process started in 2019. At that time, multiple mutual accounts were opened in the name of his brother-in-law and money was deposited there regularly every month.

Investigators suspect that this investment was actually used as a strategy to whiten black money.

During the investigation, the ED also learned that a candidate had given Saha a huge amount of money in at least three instalments on the promise of a job. That money reached the brother-in-law in a roundabout way and was finally converted into a mutual fund, said sources.

It is learnt that the ED has already started searching for more documents and transactions related to this. So far, the investigation has been mainly limited to cash transactions, property purchases and bank lockers. However, this time, evidence of using regular investment schemes like mutual funds to deposit corruption money has come to light.

According to ED sources, a notice may be sent to Saha's brother-in-law for re-interrogation very soon. Along with this, all SIP investment accounts from 2019 to the present time will also be examined. Investigators estimate that traces of several crores of rupees can be found through this process.

Last month, ED arrested Saha in connection with the School Service Commission recruitment scam. Following a six-day ED custody, the Trinamool MLA is now lodged in jail. He will be produced again in court on September 12.

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