The Directorate for enforcement of the right attached 212 immovable real estate worth more than £155 Crore associated with the ongoing investigation against LFS Broking PVT LTD, related companies and individuals, including Saiyad Jiyajur Rahaman, the agency said.
These properties were connected according to the Act on the Prevention of Money Laundering (PMLA), 2002 include land, flats, hotels, centers and factory land extended across different districts in West Bengal and other countries, according to ED.
During the investigation, these assets were identified as proceeds of crime resulting from fraudulent transaction more than £1600 crore from investors. Investors were mistaken with false promises of guaranteed high yields through various subjects controlled by the accused, the agency said.
ED launched a probe based on FIRS registered by the Police of West Bengal in various sections of IPC against Broking LFS, Saiyad Jiyajur Rahaman and others. In addition, more firs were filed against Saiyad Jiyajur Rahman and the LFS group in Gujarat, Odisha and Maharashtra.
What did the investigation reveal?
According to Saiyad Jiyajur Rahaman, Dilip Kumar Maits, MD. Anarul Islam and their co -workers operated illegal investment systems by manipulating the registration certificate. They used a network of entities to collect and divert investors funds and promised guaranteed monthly revenues of 2-3 %, said.
The accused operated an illegal enterprise that claimed to be M/S LFS Broking PVT. Ltd., a self -enabled company involved in brokerage and investment. However, they deliberately created more companies with names similar to M/S LFS Broking PVT. Ltd., misleading investors to think they are investing in a legitimate self -confident entity. In fact, funds were diverted to these similarly named companies, including LFS Broking and PMS Services.
Previously, Ed arrested six individuals involved in the case, including MasterMind, Saiyad Jiyajur Rahaman. Now they are in judicial custody.
(With the entry from agencies.)
(Tagstotranslate) proceeds from crime
