Published On: Fri, Nov 18th, 2022

Money Laundering: Injaz Int’l Md Held | Bengaluru News – Times of India

BENGALURU: Directorate of Enforcement (ED) officials have arrested the managing director of Injaz International, Misbahuddin S alias Misbauddin S Mukarram, on money-laundering charges and taken him into custody till November 19.
According to ED officials, during investigation, they found that the accused had cheated investors by siphoning off a great amount of funds. The accused was produced before a special court on Thursday and he was sent to ED custody till November 19. The directorate had initiated the investigation on the basis of an FIR registered against Injaz International and Associated Group located in Bengaluru under sections of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Chit Funds Act, 1982, and under section 420 of IPC by Wilson Garden police in September 2017.
The case was transferred to the Central Crime Branch (CCB). Misbahuddin was arrested by CCB in 2019 for cheating people to the tune of Rs 250 crore. The ED found in its probe that Injaz International is a partnership firm run by Suhail Ahamed Shariff and Misbahuddin S Injaz. It allegedly accepted deposits from investors, cheated them and violated RBI guidelines. Injaz International had run investment schemes by luring depositors with promises of high returns since 2016. The money was routed through multiple bank accounts and the firm had not done audits or filed IT returns. Injaz International diverted the investors’ money to various individuals, including its partners and related entity Injaz Builders and Developers.

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