The Enforcement Directorate (ED) has attached movable and immovable properties of the Ajmera Group, which has been booked for perpetuating a ponzi scam and duping more than 1,000 investors by promising them high rates of interest.
In the provisional attachment order, the ED, under the Prevention of Money Laundering Act, attached assets worth ₹8.41 crore. These include two immovable properties, an agricultural land and a residential plot, and 14 movable properties (13 bank accounts & one demat account) held in the name of Ajmera Group, its partners and others, said a release on Tuesday.
Investigation under PMLA was initiated on an FIR filed by Jayanagar police station last year against Ajmera Group. Cofounder Tabrez Pasaha and his associate Tabrez Ullah Shariff allegedly collected funds totalling ₹34.66 crore illegally from 1,148 depositors and failed to return ₹29.17 crore. The other accused are Abdul Dastagir, Syed Mudasir, Syed Muthahir, and Fairoz Khan.
Investigation revealed that the group collected deposits amounting to ₹256.06 crore from various persons by luring gullible investors with a promise of higher rate of interest, of up to 20% per month. Such high rates are not possible in any prudent way, the ED said.
The illegal amount was deposited in various bank accounts. The money was embezzled and transferred to various unrelated accounts of Ajmera Group or the depositors.
Further investigation is in progress, the ED officials said.
