Hyderabad, Jan 31 The Directorate of Enforcement (ED), Hyderabad Zonal Office, has filed a charge sheet before the PMLA Court at Rangareddy against M/s Metalloids Technologies Private Limited (MTPL), its Managing Director Jayant Biswas, and his wife Mousumi Biswas, an official statement said on Saturday.
The court on January 28 took cognisance of the charge sheet filed under the provisions of the Prevention of Money Laundering Act.
The ED initiated the probe based on multiple FIRs registered by the Telangana Police under Section 420 of the IPC against MTPL, Jayant Biswas, and others for allegedly cheating gullible investors by offering high returns on various investment schemes. Subsequently, several FIRs were also registered following complaints from investors across different states.
The investigation revealed that MTPL did not possess the mandatory Reserve Bank of India (RBI) approval to run such investment schemes. The company was originally incorporated to carry out business and trading of metallurgical and metal welding products. However, it was later allegedly used as a shell entity to mobilise public deposits through fictitious high-return schemes without any genuine underlying business activity.
According to the ED, promoters Jayant Biswas and Mousumi Biswas devised a deceptive plan to raise funds from the public by floating lucrative investment schemes promising unrealistic returns ranging from 40 per cent to 200 per cent within short durations. These schemes followed a classic Ponzi model, wherein returns to early investors were paid using funds collected from new investors.
The company also collected non-refundable registration fees of Rs 2,222 per ID (and multiples thereof), issued misleading agreements disclaiming liability, and mobilised deposits without any productive activity as claimed or mentioned in its Memorandum of Association. In the process, MTPL allegedly defrauded over 4,000 investors, collecting more than Rs 114.52 crore. Of this, Rs 99.57 crore was returned, while Rs 14.95 crore was allegedly misappropriated.
To create an illusion of legitimacy, MTPL adopted aggressive marketing strategies, including printed brochures, video presentations, and motivational seminars held at luxury hotels. Commission agents, team leaders, and early investors were incentivised to attract more investors. These payouts reportedly stopped once fresh inflows declined, leading to panic among depositors.
The ED said the proceeds of crime were used for promotional events, travel, and investments in other business ventures, including SO Vacations, Samarin Coffee House, M/s Arthkranti Beed Nidhi Ltd (a Nidhi company), purchase of two flats in Kolkata, and fixed deposits in the name of Mousumi Biswas’s mother.
Earlier, the ED had provisionally attached movable and immovable properties worth Rs 1.32 crore on April 30, 2025.
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