The Enforcement Directorate investigating the Ambidant Ponzi scam has attached the movable and immovable properties worth Rs 10.2 crore that belongs to Ambidant Marketing Pvt Ltd and other accused in the case.
ED had launched an investigation under the Prevention of Money Laundering Act (PMLA) against the firm based on FIRs and the charge sheet filed by the Bengaluru police. In February, the police had filed the charge sheet against the company’s directors and other accused.
A press release from the ED said it attached movable properties worth Rs 1.4 crore and immovable properties in the form of land and apartments in various parts of Bengaluru worth Rs 8.8 cr.
“Investigations under PMLA revealed that the accused were collecting investments from customers under various plans like Ultimate plan and Haj/Umrah plan in the name of “Islamic banking or halal investment” and offering huge returns to the extent of up to 15 % per month. The company was not authorized to collect such funds as it was neither registered with RBI nor with SEBI under their Collective Investment Scheme,” the release said.
The company sold their plans in the form of partnership business promising high returns. To win the trust, it initially ensured that customers got back their first installment as promised with the help of hired agents. The company shared profits to the existing investors out of funds obtained from its new investors and subsequently stopped all payments.
In the course of the PMLA investigations, the Directorate identified and attached assets derived from the above offences.
Further investigation is under progress, the press release added.
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