ED uncovers over 10 Cr in recruitment scam, seizes assets and traces more funds from Abhishek Banerjee linked firm

The Enforcement Directorate (ED) has uncovered over 10 crore rupees linked to recruitment corruption, funneled through the company Leaps & Bounds. Investigators revealed that the money entered the company through indirect financial channels, and a portion of this amount has already been seized. To date, 7.47 crore rupees have been confiscated, and an additional 2.7 crore rupees in movable assets have been identified. The process of seizing these assets is currently underway.

Abhishek Banerjee, MP from TMC is the Chief Executive Officer (CEO) of M/s Leaps and Bounds Private Limited.

The seized funds were traced to a private bank account held by Leaps & Bounds, which served as the company's primary account. According to the ED, this account was used to launder black money. Investigators discovered that the illicit funds were used to purchase various assets under the company’s name, suggesting the laundering of funds under the guise of legitimate business transactions. The investigation has raised concerns about the company’s financial operations, which were conducted through indirect channels to obscure the source of the funds.

The ED's charge sheet further reveals that Leaps & Bounds received substantial sums from four companies, including a bicycle company, despite having minimal documented business activity. The investigators are looking into how Lips & Bounds obtained large sums from these companies, given that the company’s operations appeared limited to paper transactions. Authorities are continuing their investigation into the financial dealings of Leaps & Bounds, seeking to uncover the full scope of the company’s involvement in the recruitment scam and its role in money laundering activities.