BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch on Saturday busted a pan-India trading scam of a whopping Rs 600 crore and arrested a West Bengal native for his alleged involvement in the case.
The accused is Saiyad Jiyajur Rahaman, proprietor of LFS Broking and PMS Services. As per sources, Arun Pattanaik of Dhenkanal’s Besalia village had lodged a complaint with the agency alleging Rahaman duped him and his relatives of over Rs 20 lakh by luring them to invest in shares to get higher returns.
During investigation, EOW officers found that Rahaman was earlier the director of M/s LFS Broking Pvt Ltd registered with registrar of companies, Pune, and authorised by Securities and Exchange Board of India. Subsequently, the accused became the proprietor of another firm, LFS Broking and PMS Services, which is not authorised by SEBI.
Rahaman collected over Rs 600 crore from 6,219 investors in states like Odisha, West Bengal, Bihar, Maharashtra, Jharkhand and Gujarat through the unauthorised account of LFS Broking and PMS Services. In Odisha, he has cheated investors of at least Rs 100 crore. Further probe is on, said the EOW.