The Directorate of Enforcement (ED), Kolkata Zonal Office-I, has conducted search operations at 20 residential and office premises connected with the Amrit Group of companies, its directors, promoters and other associates.
According to an ED press release dated September 18, 2026, the searches were carried out in Kolkata, Indore and Jaipur on September 16 and 17 under Section 17 of the Prevention of Money Laundering Act, 2002.
The investigation concerns approximately ₹131.86 crore allegedly mobilised from members of the public through fixed deposits, recurring deposits, income schemes and club membership schemes. The ED stated that approximately ₹71.04 crore remained unpaid to depositors as of the financial year 2019-20.
During the searches, the agency reported seizing or freezing movable assets worth more than ₹2.75 crore. It also recovered documents relating to investments and properties reportedly worth more than ₹20 crore.
The allegations remain under investigation and have not been presented as final judicial findings.
How the Amrit Group Investigation Began
The ED initiated its investigation on the basis of Criminal Complaint No. 01/2025 dated August 1, 2025, filed by the Serious Fraud Investigation Office.
The SFIO complaint concerned:
- Amrit Projects Limited
- Amrit Bio-Energy & Industries Limited
- Amrit Projects (N.E.) Limited
- Amrit Bazar Pariseva Limited
- Directors and promoters of these companies
- Other persons allegedly connected with the activities under examination
The complaint alleged offences under various provisions of the Companies Act, 2013, including Section 447, which deals with fraud. Section 447 is a scheduled offence under the PMLA, allowing the ED to investigate whether proceeds of crime were generated and subsequently possessed, transferred, concealed, used or projected as legitimate property.
A PMLA investigation does not replace the underlying company-law proceedings. It examines the alleged financial proceeds arising from the scheduled offence and attempts to trace where those funds ultimately moved.
How ₹131.86 Crore Was Allegedly Mobilised
According to the ED, Kailash Chand Dujari, Kali Kishore Bagchi, Amrit Dujari and others mobilised approximately ₹131.86 crore from the general public through companies controlled or managed by them.
The money was reportedly collected through several types of schemes, including:
- Fixed deposits
- Recurring deposits
- Monthly income schemes
- Quarterly income schemes
- Club membership schemes
The agency alleged that some of these arrangements were camouflaged as investments in redeemable preference shares, deep discount bonds and “Herb Schemes.”
At the same time, depositors were allegedly represented that their money was being accepted as fixed or recurring deposits carrying assured returns.
This distinction is significant. A fixed deposit, preference share, bond and membership scheme can create different legal rights, risks and repayment obligations. If investors were told that they were placing money in a deposit product while the documentation described a different instrument, investigators would examine whether the representation was misleading and whether the investors gave informed consent.
Approximately ₹71.04 Crore Reportedly Remained Unpaid
The ED stated that, out of the ₹131.86 crore allegedly mobilised, approximately ₹71.04 crore remained unpaid to depositors as of the financial year 2019-20.
The two figures must be understood separately. The ₹131.86 crore amount represents the total money reportedly collected through the schemes under investigation, while ₹71.04 crore represents the portion allegedly remaining unpaid at the specified time.
Non-payment alone does not automatically establish money laundering. The investigation must determine how the money was collected, what representations were made, how the funds were used and whether assets were acquired from proceeds allegedly generated through a scheduled offence.
The rights and liabilities of the companies, directors, promoters and depositors will ultimately depend on the evidence and findings in the relevant legal proceedings.
Alleged Diversion Through Shell Entities
The ED alleged that Kailash Chand Dujari, together with other directors and employees of Amrit Group companies, was involved in diverting and using funds collected from the public.
According to the press release, money was allegedly transferred to shell entities controlled or owned by the promoters. The funds were then reportedly used to purchase immovable properties in the names of promoters or connected entities. The agency also referred to cash withdrawals.
Where funds pass through several related or inactive entities, investigators generally attempt to determine:
- Who controlled each entity
- Whether it conducted genuine business
- Why the money was transferred
- Whether supporting agreements or invoices existed
- Who ultimately benefited from the funds
- Whether assets were purchased in another person’s name
- Whether cash withdrawals had a documented business purpose
A transaction involving a related entity is not automatically unlawful. However, the absence of genuine commercial activity, supporting records or a clear business purpose can attract closer regulatory scrutiny.
More Than ₹2.75 Crore in Movable Assets Seized or Frozen
The search operations reportedly resulted in the recovery and seizure or freezing of movable assets valued at more than ₹2.75 crore.
These included:
- Cash amounting to ₹1 crore
- Foreign currency of $4,800
- Bank balances
- Other investments
The press release did not provide an individual valuation for every bank balance or investment. It only stated that the combined value of the movable assets exceeded ₹2.75 crore.
Seizure or freezing during a search is an investigative measure intended to preserve assets and prevent their transfer or disposal. It does not, by itself, amount to final confiscation or conclusively establish that every identified asset represents proceeds of crime.
The statutory process under the PMLA must be followed before property can be finally confiscated.
Property and Investment Documents Worth Over ₹20 Crore Recovered
The ED also reported recovering and seizing documents relating to investments made by promoters or directors in hotels located in Jaipur, Indore and Delhi.
Additional documents reportedly concerned:
- Schools
- Residential premises
- Land parcels
- Properties allegedly held in the names of benami persons or entities
The agency estimated that the investments and properties reflected in these documents were worth more than ₹20 crore.
This figure should not be described as cash or property worth ₹20 crore physically seized during the search. The press release specifically refers to documents connected with investments and properties of that estimated value.
Further investigation will be required to verify ownership, source of funds, beneficial control, valuation and any relationship between the identified assets and the money allegedly collected from depositors.
Hawala Records and Digital Devices Seized
The searches also resulted in the seizure of documents, digital devices and records allegedly relating to hawala transactions involving accused persons and other suspected entities.
According to the ED, these materials are expected to help establish the trail and layering of the alleged proceeds of crime.
Digital devices may contain accounting data, communications, payment instructions and information relating to connected entities. However, their evidentiary value will depend on forensic examination, authentication and correlation with bank records, company documents and other evidence.
The Larger Takeaway
The Amrit Group investigation illustrates how public deposit schemes can lead to overlapping proceedings under company law and the PMLA.
Businesses accepting money from the public must ensure that the legal character of the product, promised return, repayment terms and associated risks are communicated accurately. Funds should be used only for documented and authorised purposes, with a complete trail from receipt to final utilisation.
For investors and depositors, high or assured returns should be evaluated carefully. The legal identity of the issuer, regulatory status, financial statements, repayment capacity and actual instrument being offered should be verified before money is deposited.
Shunyatax Global Insights
A PMLA search involving public deposits, related entities and property investments requires an immediate and coordinated response.
Companies and individuals should preserve scheme documents, investor records, bank statements, board approvals, property documents, related-party agreements and digital communications. Every major fund transfer and asset purchase should be reconciled with its legitimate source and commercial purpose.
If you or your business is facing problems involving an ED investigation, PMLA search, SFIO proceedings, public deposit schemes, frozen assets or financial-documentation gaps, Shunyatax Global can provide professional guidance to help you move forward with clarity and confidence.
Contact Shunyatax Global
Phone: +91 94615 14198
Email: office@shunyatax.in
Website: www.shunyatax.in
Disclaimer: This article is based on the Directorate of Enforcement press release dated September 18, 2026. The investigation remains in progress, and the matters described include allegations that have not necessarily resulted in final judicial findings. This content is intended for general information and does not constitute legal, tax or financial advice.