ED attaches properties worth Rs 155 crore in ongoing probe against LFS Broking Pvt Ltd

The Enforcement Directorate has attached 212 immovable properties valued at over Rs 155 crore in connection with the ongoing investigation against LFS Broking Pvt Ltd., its related companies and individuals, including Saiyad Jiyajur Rahaman, under the Prevention of Money Laundering Act (PMLA), 2002, said the agency in a press statement.

The properties attached include parcels of land, apartments, hotels, resorts, and factory plots located across multiple districts in West Bengal and other states, stated ED.

These assets were identified during investigation as Proceeds of Crime derived from the fraudulent mobilization of over Rs. 1600 crore from investors, who were misled with false promises of assured high returns through various entities controlled by the accused persons, according to the ED.

ED initiated investigation on the basis of FIRs registered by West Bengal Police under various sections of IPC, 1860 against LFS Broking, Saiyad Jiyajur Rahaman and others. Further, multiple FIRs have also been registered against Saiyad Jiyajur Rahman and LFS group in the states of Gujarat, Odisha and Maharashtra.

ED investigation revealed that the masterminds, including Saiyad Jiyajur Rahaman, Dilip Kumar Maity, Md. Anarul Islam and their accomplices, operated illegal investment schemes by manipulating SEBI registration certificates, and used a web of entities to amass and divert investor funds in name of providing them guaranteed monthly returns ranging from 2-3 per cent on their investments.