Pramesh S Jain & Yogesh K Porwar
The Directorate of Enforcement (ED) on Monday attached immovable properties of Injaz International worth Rs.20.16 crore under the Prevention of Money Laundering Act (PMLA).
The firm was represented by Misbahuddin S.and Suhail Ahmed Shariff had acquired had misused the funds collected from the depositors and diverted to buy immovable properties.
The ED initiated an investigation on the basis of the FIR registered by the Wilson Garden Police Station against Injaz International and its associated group under various sections of the Prize Chits and Money Circulation Schemes (Banning) Act,various sections of Indian Penal Code and also under the Chit Funds Act.
The Proceeds of the Crime,in this case estimated to be Rs.80.99 Crore.
The investigation by ED revealed that Injaz International and its partners with a fraudulent intention,collected funds and deposits from a large number of investors between the year 2015 to 2017 promising unrealistic returns to their investments and later duped them investors .
There is a huge diversion of funds from the bank account of Injaz International and these funds were subsequently transferred into bank accounts of partners related entities for layering the proceeds of crime and was being projected as untainted properties.
The immovable properties identified include residential flats,residential land and non -agricultural land parcels. Further, the investigation is in progress.
