The Enforcement Directorate (ED) on Thursday arrested a person, identified as Misbahuddin S, in connection with a case of transferring huge funds by luring depositors with the promise of high returns.
The accused was produced before the Prevention of Money Laundering Act (PMLA) court in Bengaluru and remanded to ED custody till November 19.
The Enforcement Directorate, a central agency probing money laundering and other economic offences, initiated an investigation in the case on the basis of an FIR registered against Injaz International and an associated group in Bengaluru.
READ | Online part-time job scam: ED freezes 80 bank accounts in Karnataka
The case was registered by the Wilson Garden Police Station, Bengaluru City under sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978; Chit Funds Act, 1982 and Section 420 of the Indian Penal Code (IPC).
During the investigation, it was revealed that Injaz International is a partnership firm and Suhail Ahamed Shariff and Misbahuddin S are its two partners.
As per the FIR and the probe in the case, Injaz International had been allegedly running investment schemes by luring depositors with the promise of high returns, since 2016.
READ | ED takes custody of AAP communication in-charge in excise policy case: Report
It is alleged that the firm received deposits, believed to be in excess of ₹250 crores, cheated them and violated guidelines laid down by the Reserve Bank of India (RBI).
It allegedly routed money through…
