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File picture of the Enforcement Directorate emblem.
The ED case stems from an FIR and cost sheet filed towards the corporate and its promoters Tabrez Pasha, Abdul Dastagir, Tabrez Ulla Shariff, Syed Mudasir, Syed Muthahir and Fairoz Khan for “illegally” amassing funds from 1,148 depositors and “failing” to return Rs 29.17 crore.
- PTI New Delhi
- Last Updated: December 22, 2020, 15:42 IST
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The Enforcement Directorate (ED) has connected properties price over Rs 8 crore of a Bengaluru-based firm in reference to a cash laundering probe towards it linked to an alleged multi-crore ponzi or chit fund case, the company stated on Tuesday. An agricultural land, a residential plot, 13 financial institution accounts and a demat account “held in the name of Ajmera Groups, its partners and others” have been provisionally connected by the probe company below sections of the Prevention of Money Laundering Act (PMLA).
The ED case stems from an FIR and cost sheet filed towards the corporate and its promoters Tabrez Pasha, Abdul Dastagir, Tabrez Ulla Shariff, Syed Mudasir, Syed Muthahir and Fairoz Khan for “illegally” amassing funds from 1,148 depositors and “failing” to return Rs 29.17 crore. The police case was filed below numerous sections of the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 (KPIDFE) and the Price, Chits and Money Circulating Banning Act of 1978.
“Ajmera Groups illegally collected deposits worth Rs 256.06 crore from various persons by luring the gullible investors with a promise of higher rate of interest (upto 20 per cent per month),” the ED stated in an announcement. “Such higher rate of interest was not possible in any prudent way and the accused company failed to return Rs 29.17 crore to the depositors,” the company stated.
It stated that the “illegally collected” quantity was deposited in numerous financial institution accounts. “Investigations revealed that these funds were embezzled and transferred to various unrelated accounts of Ajmera Groups or the depositors and further invested in immovable and movable properties,” the ED alleged.
The accused can attraction towards the ED issued provisional order earlier than the Adjudicating Authority of the PMLA inside six months.
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