Bengaluru-based Ponzi firm investors to get money back as ED to restitute Rs 20 crore assets

Bengaluru: Investors of Bengaluru-based Ponzi company Injaz International are set to get some of their money back as a city court has ordered restituting attached immovable properties worth over Rs 20 crore. 

The Principal City Civil and Sessions Judge passed the order after the Directorate of Enforcement (ED) did not submit objections to an application filed by the competent authority for releasing the attached properties. 

As per an ED statement issued on Monday, the Bengaluru Zonal Office will restitute properties valued at Rs 20.16 crore to victims of money laundering and the rightful claimants in the Injaz case. 

The properties were attached as they were considered proceeds of crime. 

The ED had launched an investigation into the case following a complaint by the Revenue Inspector, Yelahanka Tahsildar Office, and an FIR registered by the Wilson Garden police on September 7, 2018. 

The FIR named Injaz International and its associated group under various sections of the Indian Penal Code (IPC), the Prize Chits and Money Circulation Schemes (Banning) Act, and the Chit Funds Act. 

The FIR is presently being investigated by the Financial Intelligence Unit, Criminal Investigation Department. 

According to the ED, its investigation revealed that Injaz International received huge amounts in the name of a chit fund scheme, but diverted them to buy immovable properties as well as for the personal expenses of the firm's partners.