Ed attach assets worth £ 155, linked to £ 1,600 crore lfs brokers

The maintenance directorate has linked 212 immovable properties worth more than £ 155 to the ongoing investigation against LFS Broking PVT Ltd, associated companies and individuals, including Saiyad Jiyajur Rahaman, the agency said. The listed properties are attached to the Prevention of Money Laundry Act (PMLA), 2002, contain parcels of land, apartments, hotels, resorts and factory plots spread across different districts in Western Bengal and other states, according to Ed. During the investigation, these assets were identified as yields of crime due to the fraudulent transaction of more than £ 1,600 crore of investors. The investors were deceived with false promises of guaranteed high returns by various entities controlled by the accused, the agency said. Ed starts an investigation based on firs registered by Western Bengal police under various IPC divisions against LFS Broking, Saiyad Jiyajur Rahaman, and others. In addition, several firs were filed against Saiyad Jiyajur Rahman and the LFS group in Gujarat, Odisha and Maharashtra. What did the investigation reveal? According to the investigation, Saiyad Jiyajur Rahaman, Dilip Kumar Maity, MD. Anarul Islam and their associates made illegal investment schemes by manipulating SEBI registration certificates. They used a network of entities to raise and deduce investor funds, promising the monthly returns of 2-3 percent, reports Ani. The accused operated an illegal business that claimed to be m/s ls broking pvt. Ltd., a sebi-registered company involved in brokers and investments. However, they deliberately created several firms with names similar to M/S LFS Broking Pvt. Ltd., misleading investors to think that they invest in the legal Sebi-registered entity. In fact, the funds are derived to these similarly mentioned firms, including LFS brokers and PMS services. Earlier, Ed arrested six individuals involved in the case, including Mastermind, Saiyad Jiyajur Rahaman. They are now in judicial custody. (With input from agencies.)