New Delhi, Feb 2 The Enforcement Directorate (ED) on Wednesday said it has arrested a businessman, Anas Ahmed, in a money laundering case related to fraud committed through mobile phone-based apps.
An official said that Ahmed is partner in two accused firms namely H&S Ventures Inc and Clifford Ventures. These two firms are responsible for collection of Rs 84 crore from the people. Ahmed has Chinese links and is suspected of being the mastermind of the whole racket.
The official said that the ED initiated money laundering investigation into the operations of accused entities that induced the public to invest certain amount through such fraudulent apps by assuring to remit interest on daily or weekly basis on the investment made.
The accused entities closed their purported business after collecting huge sum of money from gullible public and went incommunicado.
"The accused entities neither paid interest nor returned the principal amount to the public and withheld the investment made by public which has resulted in commission of cheating," said the ED official.
Ahmed indulged into corrupt and illegal activities through his partnership firms by deviating from the declared line of business/activity of gaming and has collected money from public under the guise of investment schemes through fraudulent apps.
The proceeds generated through criminal activities have been layered through a number of shell entities to remit out of India and also invest in crypto currencies.
Currently, Anas Ahmed is in judicial custody and lodged in Puzhal Central Prison, Chennai, in the predicate offence booked by CB, CID, Chennai.
Principal City Civil & Sessions and Special Judge for PMLA cases, Bengaluru had granted 6 days of custody of Anas Ahmed to ED on January 20, 2022 for enquiring into the fraud.
The official said that further investigation in the case is underway.
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