ED attaches ₹10.2 crore assets of Ambidant Marketing

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The Enforcement Directorate (ED) has provisionally attached properties, worth ₹10.2 crore, of Ambidant Marketing Pvt. Ltd., a firm accused of cheating thousands of customers of their money. “The attached immovable properties are in the form of land and residential flats in various parts of Bengaluru. The value of the immovable properties attached is ₹8.8 crore, while that of the movable properties is ₹1.4 crore,” ED said in a statement.

The firm went bust in 2018 and the city police had registered multiple FIRs.

It was one of the first firms that allegedly cheated people in the name of Islamic banking to go bust, followed by the Monetary Advisory (IMA) Group.

The ED has taken up a money-laundering probe against IMA and attached properties over ₹200 crore.

The ED booked a case under the Prevention of Money Laundering Act, 2002 against Ambidant Marketing.

“During the course of PMLA investigation, assets derived out of the above offences have been identified and attached by the Directorate,” ED said in a statement.

“Investigation under PMLA revealed that the accused were collecting investments from customers under various plans like Ultimate plan and Haj/Umrah plan in the name of Islamic banking or halal investment and offering huge returns to the extent of up to 15% per month. The company was not authorised to collect such funds as it was neither registered with the RBI nor with the SEBI under their collective investment scheme,” read the statement.

Incidentally, the city police had arrested former Minister G. Janardhan Reddy on the charge of cheating Fareed Ahmed, MD, Ambidant Marketing, of ₹20 crore to close an ED inquiry against his firm.

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Printable version | Sep 19, 2021 5:18:51 PM |

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