BENGALURU: The Enforcement Directorate (ED) has filed a prosecution complaint (PC) before the Special Court, Bengaluru, against Injaz International and its partners -- Misbahuddin S and Suhail Ahmed Sheriff -- under the Prevention of Money Laundering Act (PMLA), 2002, in a case related to defrauding people by luring them to invest in the ‘Halal’ investment scheme offered by the firm, the ED stated in an official release on Wednesday.
The ED had initiated a money laundering investigation on the basis of an FIR registered by the Wilson Garden police station against Injaz International and its associated group, under various sections of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978, Indian Penal Code (IPC), 1860, and Chit Funds Act, 1982.
The ED investigation has revealed that Misbahuddin and Sheriff diverted funds to the extent of Rs 81 crore into the purchase of immovable properties and into other business entities operated by them as well as their associates and thereby generated proceeds of crime more than Rs 50 crore. Misbahuddin was arrested by the ED on November 15, 2022. He is presently in judicial custody.