India’s Enforcement Directorate (ED) has made a big move in a major investment scam case. On September 24, the Kolkata Zonal Office provisionally attached 212 properties worth more than Rs 155 crore. These assets link to an ongoing probe under the Prevention of Money Laundering Act (PMLA) against LFS Broking Private Limited, its sister companies, and key figures like Saiyad Jiyajur Rahaman.
The attached properties include land parcels, apartments, hotels, resorts, and factory plots spread across several districts in West Bengal and other states. ED officials say these are proceeds from a massive fraud where scammers collected over Rs 1,600 crore from investors. They lured people with fake promises of guaranteed high returns, often 2-3% per month.
The investigation started after West Bengal Police filed FIRs under the Indian Penal Code (IPC) against LFS Broking, Rahaman, and others. Similar complaints have popped up in states like Gujarat, Odisha, and Maharashtra, pointing to a widespread scheme.
ED uncovered how masterminds like Rahaman, along with Dilip Kumar Maity and Md. Anarul Islam, ran illegal operations. They twisted SEBI registration details for LFS Broking, a legit share broking firm, to fool investors. By creating look-alike companies with names like LFS Broking and PMS Services, they funneled money away from what people thought was a safe, regulated investment.
So far, ED has arrested six people in the case, including the main accused Saiyad Jiyajur Rahaman. All of them remain in judicial custody. The agency has also filed a prosecution complaint against 10 individuals in a special PMLA court in Kolkata, as the fight against this money laundering and investor fraud continues.
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