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Kolkata ED raided several locations of LFS Broking Pvt Ltd and its directors and partners. This raid was conducted in connection with a money laundering case. During the raid, 118 bank accounts were frozen and 63 immovable properties were seized.
The seized properties include 2 hotels, a resort, pieces of land, residential bungalow, flats and a property in Eagle Heights, Dubai. The market value of these properties is being assessed. ED has arrested two people Dilip Kumar Maiti and Mohammad Anrul Islam in this case. They were produced in the ED court of Kolkata. From where they have been sent to 11 days ED custody.
The accused misled people by using the name of the real company
A huge amount of money was collected from people in the name of investment in the name of LFS Broking Pvt Ltd. The company had approval from SEBI for share broking and investment activity, but the accused created another firm with a similar name LFS Broking and PMS Services and misled people by using the name of the real company.
SEBI canceled the company’s registration in 2024
ED officials said that people were made to invest by luring them with big returns through seminars, social media, online ads, but in reality this money was used to buy hotels, resorts and properties abroad by circulating it through fake companies. ED investigation revealed that this fraud was not limited to just one state, but had spread to many parts of the country. Several FIRs were also registered in this case. When people did not get their money back, SEBI canceled the company’s registration in the year 2024.
In the investigation so far, fraud of about Rs 266 crore has been detected and according to ED, this figure may increase further in further investigation. Investigation is going on.
