Kolkata, Sep 27 The Kolkata Zonal Office of Enforcement Directorate (ED), has provisionally attached 212 immovable properties valued at over Rs 155 crore on September 24 in connection with the on-going investigation against LFS Broking Private Limited, its related companies and firms and individuals including Saiyad Jiyajur Rahaman under the Prevention of Money Laundering Act (PMLA), 2002, the Central agency said on Saturday.
According to a press statement issued by the ED on Saturday, the properties attached include parcels of land, apartments, hotels, resorts, and factory plots located across multiple districts in West Bengal and other states.
“These assets were identified during investigation as proceeds of crime derived from the fraudulent mobilisation of over Rs 1,600 crore from investors, who were misled with false promises of assured high returns through various entities controlled by the accused persons,” the ED statement read.
It is learnt that ED initiated an investigation on the basis of FIRs registered by West Bengal Police under various sections of IPC, 1860, against LFS Broking, Rahaman, and others.
“Further, multiple FIRs have also been registered against Rahman and the LFS group in other states like Gujarat, Odisha, and Maharashtra,” the ED statement read.
It is learnt that the ED investigation revealed that the masterminds of the scam, including Rahaman and his associates, like Dilip Kumar Maity, Md. Anarul Islam and their accomplices operated illegal investment schemes by manipulating SEBI registration certificates, and used a web of entities to amass and divert investor funds in the name of providing them guaranteed monthly returns ranging from two to three per cent on their investments.
“The accused persons operated the illegal business under the guise of LFS Broking, a company registered with SEBI for share broking and other investment activities. However, they knowingly floated several other firms bearing names similar to LFS Broking, and thus misled the investors into believing that they were investing in the SEBI-registered company, whereas funds were actually diverted to similarly named firms such as LFS Broking and PMS Services, and others,” the statement read.
Earlier, the ED had arrested six persons in the case, including the mastermind Saiyad Jiyajur Rahaman. The arrested persons are currently in judicial custody. At the same time, a prosecution complaint has also been filed in this case against 10 accused persons before a special court of PMLA in Kolkata.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor