The Enforcement Directorate (ED) said on Monday that it has attached immovable properties worth Rs 20.16 crore of Injaz International represented by its partners Misbahuddin S. and Suhail Ahmed Shariff in connection with a PMLA case.
The ED said that the accused acquired proceeds of crime and layered the same in the form of various immovable properties.
The ED initiated a PMLA probe on the basis of an FIR registered by the police against Injaz International and its associated group under various sections of the Prize Chits and Money Circulation Schemes (Banning) Act, Indian Penal Code and Chit Funds Act.
The proceeds of crime, in this case, is Rs 80.99 crore.
The investigation by the ED revealed that Injaz International and its partners with a fraudulent intention collected funds from a large number of investors during 2015 to 2017 by projecting unrealistic returns against their investments and later duped them of such investments and never returned the hard-earned invested money of the common people.
"There was a huge diversion of funds from the bank account of Injaz International and these funds were subsequently transferred into bank accounts of partner entities for layering the proceeds of crime and were being projected as untainted properties. The immovable properties thus identified include residential flats, residential land and non-agricultural land parcels," the ED said.
Crypto under PMLA: Industry gives thumbs up, expects higher investor faith
Only 3% PMLA cases have been against politicians: Enforcement Directorate
ED attaches 7 properties of gangster-turned-politician Ansari in PMLA case
ED attaches Rs 907 crore worth assets of crypto exchanges under PMLA
Top headlines: Feb fuel demand hits 24-yr high, NPOs face PMLA regulations
Delhi LG chairs meet aimed at easing traffic congestion, improving mobility
Budget file received at 9:25 pm, approval sent back at 10:05 pm: LG House
Pro-Khalistan Twitter accounts, including Canadian officials, blocked
Smuggled gold seized at airports doubled in FY23, FinMin tells Lok Sabha
Farmers urge govt to fulfil commitments as they descend at Ramlila Maidan
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)