The Enforcement Directorate has attached 212 immovable properties valued at over ₹155 crore in connection with its probe against LFS Broking Pvt Ltd, its associate firms, and key individuals, including Saiyad Jiyajur Rahaman, under the Prevention of Money Laundering Act (PMLA), 2002.
According to the agency, the attached assets include land parcels, apartments, hotels, resorts, and factory plots spread across districts in West Bengal and other states. These properties were identified as proceeds of crime linked to a fraud of over ₹1,600 crore, raised from investors through false promises of high returns.
The ED’s investigation, based on multiple FIRs filed by West Bengal Police and other states, including Gujarat, Odisha, and Maharashtra, revealed that Rahaman, along with Dilip Kumar Maity, Md. Anarul Islam, and others, floated illegal investment schemes. They allegedly manipulated SEBI registration certificates and created a web of look-alike companies under the name “LFS Broking” to dupe investors, promising monthly returns of 2–3%.
Though M/s LFS Broking Pvt Ltd was a SEBI-registered firm, the accused allegedly diverted funds into similarly named entities such as LFS Broking and PMS Services, misleading investors into believing they were dealing with the registered company.
The ED has so far arrested 6 persons, including mastermind Saiyad Jiyajur Rahaman, all of whom remain in judicial custody. A prosecution complaint has been filed against 10 accused persons before the Special Court in Kolkata.
The agency said that its investigation is still ongoing.
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