In a significant construction, the Enforcement Directorate has found out that Banglore primarily based Ambidant Advertising and marketing Pvt Ltd, inquisitive about Islamic banking and halal funding, is allegedly working a Ponzi scheme.
In keeping with ED, “All through the investigation, it got here to the fore that the scheme run through the corporate is certainly a possible Ponzi scheme. In view of the above, ED has written to the RBI (Reserve Financial institution of India) to have some other glance into the topic and offer protection to the pastime of the buyers/depositors at massive who’re being duped within the identify of Islamic banking/halal funding.”
The ED had initiated an investigation at the foundation of knowledge won from the Source of revenue Tax Division that Ambidant Advertising and marketing Pvt Ltd is into foreign currency trading.
The company had then performed searches at a number of premises of Ambidant Advertising and marketing Pvt Ltd being run through Syed Fareed Ahmed and Syed Afaq Ahmed on January 4, 2018 and January 5, 2018.
Rather than Amidant Advertising and marketing Pvt Ltd, the above mentioned father-son duo have been discovered to have floated a number of different companies in India i.e. M/s Ambidant Buildings Ltd., M/s Ambidant Advertising and marketing and Buying and selling Corporate, M/s Benefit Theme, M/s Ammar Enterprises, M/s Ambidant World Answers, M/s Ambisheltar, M/s Perinet Applied sciences, M/s Ambigold, M/s Webworld and likewise having trade institutions out of the country i.e. M/s Ambidant Advertising and marketing Monetary Services and products LLC (at Nawras Tower, Al Quasis, Close to Bustan Middle, Dubai) began in September 2017.
All through the quest, money to the music of Rs 1.97 crore was once seized through ED from the residential premises of Syed Fareed Ahmed for violations below FEMA.
“A number of FEMA violations like foreign currency trading to extent of USD 6,62,146/- (an identical to Rs 4, 20,46,271/- @ 63.50 according to USD); the hole of accounts out of the country through a resident Indian with out the permission of RBI, incorporation of a company in Dubai with out prior approval of Reserve Financial institution of India or Executive of India got here to the fore all through the continuing investigations within the topic. A grievance was once filed within the topic within the case on 2.2.18 for the above discussed violations below FEMA,” mentioned the ED.
The topic was once adjudicated through the Joint Director and penalty to the music of Rs 1.86 crore was once recovered. The money in INR to the music of Rs 1.97 crore recovered all through the quest was once confiscated below Phase 13(2) of the FEMA. Additional, enquiries have additionally been initiated through ED as regards possession of belongings through those individuals/ entities in UAE which continues to be proceeding.
The company has additionally detected that Ambidant Advertising and marketing Pvt. Ltd. is inquisitive about amassing investments from the purchasers within the identify of Halal Funding and providing large returns to the level of as much as 12 according to cent monthly.
“The cash is accumulated thru digital mode/cheque/money. Then again, they’re neither registered with the RBI nor with the SEBI below their Collective Funding Scheme. From inception (on December 20, 2016) the corporate has to this point won funding as much as to Rs 954,05,13,321/- below more than a few plans like Final plan and Haj/Umrah plan. It’s intriguing that returns to the music of 10-12 according to cent monthly are being introduced to the buyers within the identify of Islamic banking,” mentioned the ED.
The company has additionally asked the state executive government to offer copies of all FIRs, together with the present investigation through the Karnataka Police, on the subject of the mentioned funding scheme to inspect the potential of initiation of separate PMLA investigations therein.
BJP chief G Janardhana Reddy has additionally come below the scanner of Banglore police for his alleged function in bailing out Syed Ahmed Fareed in ED case. The Banglore police claims that initial investigations had published that Reddy won 57 kg of gold from Fareed to barter with ED officers.
Reddy will likely be summoned quickly through ED for wondering.