ED files charge-sheet in ‘Halal’ investment scheme fraud
The accused had promised high returns on the scheme offered by the firm. However, they even failed to repay the principal amount invested by the depositors.
New Delhi: The Enforcement Directorate (ED) said on Wednesday said that it has filed a charge-sheet before a special court in Bengaluru against Injaz International and its partners, Misbahuddin S. and Suhail Ahmed Sheriff, in a case related to defrauding people by luring them to invest in a ‘Halal’ investment scheme.
The accused had promised high returns on the scheme offered by the firm. However, they even failed to repay the principal amount invested by the depositors.
The ED had initiated a money laundering probe on the basis of an FIR registered by the Wilson Garden police station in Bengaluru against Injaz International and its associated group under various sections of the Prize Chits and Money Circulation Schemes (Banning) Act, Indian Penal Code, and Chit Funds Act.
“ED probe revealed that Injaz International was neither able to keep up with the returns owed to its investors against the investments made by them, nor was it able to repay the amounts already invested with it. Injaz International lured the public into investing by promising unrealistic returns against their investments and later duped them of such investments and never returned the hard-earned money of the common public,” the ED alleged.
An ED official said that Misbahuddin S. and Suhail Ahmed Sheriff diverted funds to the extent of Rs 81 crore into the purchase of immovable properties and other business entities operated by them as well as their associates.
Misbahuddin was arrested by the ED on November 15, 2022, and is presently in judicial custody.
