ED files prosecution plaint against Ponzi firm Ajmera Group

There’s more trouble for Bengaluru-based Ponzi companies, Ajmera Group and MF Enterprises.

The Enforcement Directorate (ED) on Thursday filed a prosecution complaint against the companies in the Principal City Civil and Sessions Judge and Special Court, Bengaluru. The court has taken cognisance of the prosecution complaint.

Those involved in the scam included Ajmera’s partners, Tabrez Pasha and Abdul Dastagir; and MF Enterprises’ partners Syed Muthaheer, Fairoz Khan, Tabrez Pasha, Abdul Dastagir, Syed Mudasir, Fairoz Khan and Syed Muthahir, the ED said in a statement.

The ED launched an investigation into the Ponzi scam based on an FIR registered at the Jayanagar police station on April 26, 2018.

CCB charge sheet

Based on a charge sheet filed by the Central Crime Branch (CCB) of the Bengaluru police, the ED carried out further investigations.

The ED probe revealed that Pasha and Dastagir had opened the partnership firms and accepted deposits from the general public without obtaining any licence/permission from the authorities — SEBI (Securities and Exchange Board of India) and RBI (Reserve Bank of India) — and without registering the business entity as an NBFC (Non-Bank
Financial Corporation).

The two entities collected funds/deposits to the tune of Rs 256 crore (2,56,06,90,338) from the general public at high interest rates with a fraudulent intention to cheat. They returned only Rs 183 crore (1,83,97,04,264) and still owes the public Rs 72 crore (72,09,86,074).

The accused persons derived proceeds of crime and directly indulged in the process or activity connected with the proceeds of crime, including its possession, acquisition and projecting or claiming it as untainted property and are guilty of the offence of money laundering, the statement added.

The partners of the Ajmera Group and others siphoned off investors’ money for personal gains and for the benefit of their accomplices, thereby generating proceeds of crime. They laundered the proceeds of crimes by acquiring and possessing movable and immovable properties, the ED said.

The ED has provisionally attached movable and immovable properties worth Rs 8.41 crore in the case.