Kolkata, Feb 17 : The Enforcement Directorate (ED) is working on specific clues hinting that the proceeds of the alleged multi-crore ration distribution case in West Bengal were invested in the garments and gold trading business of city-based businessman Biswajit Das, who was arrested by the central agency earlier this week for his alleged involvement in the case.

Sources said these investments were in addition to the proceeds that were diverted by the nexus involving Das and arrested Trinamool Congress leader Shankar Adhya, first by converting them into foreign currency, and then by parking them abroad through the hawala route.

The ED has learnt that the frequent visits of Das to Bangladesh were connected to a profitable garments trading entity owned by him there. The central agency has now initiated an investigation based on some specific clues that the Bangladesh-based business of Das flourished in a major way during the last 10 years mainly because of the massive investments made in it from the crime proceeds.

The sources said the ED has found also that in the last 10 years, Rs 350 crore was converted into foreign currencies through a foreign exchange dealing entity owned by Das.

Most of the conversions, according to sources, were done without following the standard operating procedure (SOP) laid down by the Reserve Bank of India (RBI) in case of such currency conversions.

A major part of that converted currency, as per information available with the ED, were parked abroad, mainly in Bangladesh, through the hawala route.

On Friday, Das was presented before the special PMLA court here, which extended his ED custody till February 23.

/IANS