In a big construction, the Enforcement Directorate has came upon that Banglore primarily based Ambidant Advertising and marketing Pvt Ltd, inquisitive about Islamic banking and halal funding, is allegedly working a Ponzi scheme.
Consistent with ED, “All through the investigation, it got here to the fore that the scheme run by way of the corporate is for sure a possible Ponzi scheme. In view of the above, ED has written to the RBI (Reserve Financial institution of India) to have any other glance into the subject and offer protection to the pastime of the buyers/depositors at huge who’re being duped within the identify of Islamic banking/halal funding.”
The ED had initiated an investigation at the foundation of data 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 by way of Syed Fareed Ahmed and Syed Afaq Ahmed on January 4, 2018 and January 5, 2018.
Instead of Amidant Advertising and marketing Pvt Ltd, the above stated 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 International Answers, M/s Ambisheltar, M/s Perinet Applied sciences, M/s Ambigold, M/s Webworld and in addition having trade institutions in another country i.e. M/s Ambidant Advertising and marketing Monetary Products and services LLC (at Nawras Tower, Al Quasis, Close to Bustan Middle, Dubai) began in September 2017.
All through the quest, money to the song of Rs 1.97 crore used to be seized by way of 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/- (similar to Rs 4, 20,46,271/- @ 63.50 in line with USD); the outlet of accounts in another country by way of 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 throughout the continued investigations within the subject. A criticism used to be filed within the subject within the case on 2.2.18 for the above discussed violations below FEMA,” stated the ED.
The subject used to be adjudicated by way of the Joint Director and penalty to the song of Rs 1.86 crore used to be recovered. The money in INR to the song of Rs 1.97 crore recovered throughout the quest used to be confiscated below Segment 13(2) of the FEMA. Additional, enquiries have additionally been initiated by way of ED as regards possession of property by way of 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 accumulating investments from the shoppers within the identify of Halal Funding and providing large returns to the level of as much as 12 in line with cent monthly.
“The cash is accrued thru digital mode/cheque/money. Alternatively, 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 quite a lot of plans like Final plan and Haj/Umrah plan. It’s intriguing that returns to the song of 10-12 in line with cent monthly are being introduced to the buyers within the identify of Islamic banking,” stated the ED.
The company has additionally asked the state executive government to supply copies of all FIRs, together with the present investigation by way of the Karnataka Police, on the subject of the stated 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 probably be summoned quickly by way of ED for wondering.