Bengaluru: Man arrested by ED in Rs 250-cr investment scam
The accused was produced before the Prevention of Money Laundering Act (PMLA) court in Bengaluru and remaded to ED custody till November 19.
The Enforcement Directorate (ED) on Thursday arrested a person, identified as Misbahuddin S, in connection with a case of transferring huge funds by luring depositors with the promise of high returns. The accused was produced before the Prevention of Money Laundering Act (PMLA) court in Bengaluru and remaded to ED custody till November 19.
The Enforcement Directorate, a central agency probing money laundering and other economic offences, initiated an investigation in the case on the basis of an FIR registered against Injaz International and an associated group in Bengaluru. The case was registered by the Wilson Garden Police Station, Bengaluru City under sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Chit Funds Act, 1982 and Section 420 of the Indian Penal Code (IPC).
During the investigation, it was revealed that Injaz International is a partnership firm and Suhail Ahamed Shariff and Misbahuddin S are its two partners. As per the FIR and the probe in the case, Injaz International had been allegedly running investment schemes by luring depositors with the promise of high returns, since 2016.
It is alleged that the firm received deposits, believed to be in excess of Rs 250 crores, cheated them and violated guidelines laid down by the Reserve Bank of India (RBI). It allegedly routed money through multiple bank accounts and had neither filed any ITR returns nor done any audit.
It is further alleged that Injaz International raised huge funds from investors and siphoned off the amount to several individuals, including its partners and related entity -- i.e. M/s. Injaz Builders and Developers, the FIR stated. (ANI)
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