BENGALURU: The Directorate of Enforcement (ED) has issued a Provisional Attachment Order (PAO), attaching immovable properties of Injaz International, represented by its partners Misbahuddin S and Suhail Ahmed Shariff, worth Rs 20.16 crore under the Prevention of Money Laundering Act, 2002 (PMLA), the ED stated in an official release on Monday.
“The duo acquired proceeds of crime and layered the same in the form of various immovable properties,” the release said.
The ED initiated an investigation on the basis of an FIR registered by Wilson Garden police against Injaz International and its associated group, under various sections of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978, Indian Penal Code, 1860 and Chit Funds Act, 1982. “The proceeds of the crime, in this case, is Rs 80.99 crore,” the Central agency added.
The investigation by ED revealed that Injaz International and its partners, with a fraudulent intention, collected funds/deposits from a large number of investors during FY 2015 to 2017, by projecting unrealistic returns against their investments, and later duped them of such investments and never returned the hard-earned invested money of the common people.