Munger/Patna: The Enforcement Directorate (ED) on Thursday carried out searches in Jamalpur of Bihar’s Munger district as part of its investigation into an alleged multi-crore investment fraud and suspected money laundering linked to Jollywood Music Industries Private Limited.
The agency raided the residence of Jitendra Kumar Rajiv, a director of the company, in Naya Tola Phulka under the Jamalpur police station area.
Financial Records And Digital Devices Examined
Accompanied by local police personnel, the ED team cordoned off the premises before launching a search operation that continued for several hours.
Officials examined bank documents, financial records, investment-related papers and digital devices, including computers, laptops and mobile phones. Electronic data was also scrutinised as investigators sought to trace the movement and utilisation of funds allegedly collected from investors.
The operation attracted a crowd of local residents and remained a subject of discussion throughout the day.
Accused Questioned During Investigation
According to reports, ED officials also questioned the principal accused, Jaydhan Tanti and Priya Rajiv Ranjan, for several hours.
Investigators reportedly sought information on the company’s financial operations, the manner in which investments were mobilised and the flow of funds.
The ED had not issued an official statement on the searches at the time of publication, and the investigation was continuing.
Allegations Of Multi-Crore Investment Fraud
Jollywood Music Industries Private Limited is accused of collecting investments worth crores of rupees from members of the public by promising attractive returns, allegedly operating in a manner similar to a chit-fund scheme.
According to the allegations, the company abruptly shut its office after collecting money from investors.
Following the closure of the office on November 18, 2024, numerous investors lodged complaints at the Jamalpur police station, leading to the registration of Case No. 224/24 and the commencement of a police investigation.
Money Laundering Probe Intensifies
During the police investigation, company director Jitendra Kumar Rajiv allegedly remained absconding for an extended period before later surrendering before a court in Munger. He has since been in judicial custody.
The ED is now investigating the alleged money laundering angle of the case, including how investor funds were utilised and whether the money was transferred to other accounts or converted into assets.
Officials are continuing to analyse documentary and digital evidence as part of the probe. The agency’s findings are awaited, and investigators are expected to examine whether additional individuals were involved in the alleged financial fraud.
