The Enforcement Directorate has attached properties worth over ₹10.20 crore of Ambidant Marketing Private Limited and other accused persons in a ponzi scheme case. The assets attached under the Prevention of Money Laundering Act include land and residential flats in Bengaluru, besides movable properties totalling ₹1.40 crore.
The ED started its money laundering investigation on the basis of several FIRs registered by the Bengaluru police against Ambidant Marketing, its directors and other related persons. Later, the probe was handed over to the Central Crime Branch, which filed a chargesheet against the accused persons in February 2019.The agencies found that the accused collected funds from a large number of people on the pretext of investments in various schemes, such as “Ultimate” and “Haj/Umrah” plans, in the name of “Islamic banking or halal investment”. They offered returns up to 15% per month to lure investors.
According to the ED, the company was not authorised to collect such funds as it was neither registered with the Reserve Bank of India nor with the Securities and Exchange Board of India under their Collective Investment Scheme.
The company allegedly sold its plans in the form of partnership business with the promise of high returns. Initially, to win the trust, it was ensured that customers got back their first instalment as promised. It had hired agents who, in lieu of handsome commission, would convince investors to invest in the plans by giving them good commissions, said the agency.
The company shared profits with the existing investors from the funds received from new ones, as alleged.
