ED attaches properties worth Rs 155 crore in ongoing probe against LFS Broking Pvt Ltd

New Delhi [India], September 27 (ANI): The Enforcement Directorate has attached 212 immovable properties valued at over Rs 155 crore in connection with the ongoing investigation against LFS Broking Pvt Ltd., its related companies and individuals, including Saiyad Jiyajur Rahaman, under the Prevention of Money Laundering Act (PMLA), 2002, said the agency in a press statement.

The properties attached include parcels of land, apartments, hotels, resorts, and factory plots located across multiple districts in West Bengal and other states, stated ED.

These assets were identified during investigation as Proceeds of Crime derived from the fraudulent mobilization of over Rs. 1600 crore from investors, who were misled with false promises of assured high returns through various entities controlled by the accused persons, according to the ED.

ED initiated investigation on the basis of FIRs registered by West Bengal Police under various sections of IPC, 1860 against LFS Broking, Saiyad Jiyajur Rahaman and others. Further, multiple FIRs have also been registered against Saiyad Jiyajur Rahman and LFS group in the states of Gujarat, Odisha and Maharashtra.

ED investigation revealed that the masterminds, including Saiyad Jiyajur Rahaman, 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 name of providing them guaranteed monthly returns ranging from 2-3 per cent on their investments.

The accused persons operated the illegal business under the guise of M/s LFS Broking Pvt. Ltd., a company registered with SEBI for share broking and other investment activities. However, they knowingly floated several other firms bearing names similar to M/s LFS Broking Pvt. Ltd. Investors were misled 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.

Earlier, ED had arrested six persons in the case, including the mastermind, Saiyad Jiyajur Rahaman. The arrested persons are currently in Judicial Custody. Further, a Prosecution Complaint has also been filed in this case against 10 accused persons before the Hon’ble Special Court, Kolkata.

Further investigation is under progress. (ANI)

Source

The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.