Yet another Ponzi scheme surfaces; MD in ED net

NT Correspondent

Bengaluru:

The Managing Director and one of the partners of a Bengaluru-based private firm, Injaz International, Misbauddin S Mukarram, was arrested by the Enforcement Department (ED) and charged under the Prevention of Money Laundering Act (PMLA), 2002.

According to sources, Injaz International had been running fraudulent schemes since 2016 and duping many citizens using the same modus operandi as that of the IMA. The officials of the firm later had siphoned off with the depositors' money following which the Central Crime Branch sleuths had arrested Misbauddin in 2019. After an investigation, the CCB had suspected the scam to be over Rs 250 crore.

Later Mukarram along with his fellow partner Suhail Ahmed Shariff had approached the city civil and session court and sought anticipatory bail. At the time, Mukarram had filed an affidavit before the court promising to return the money to investors. Considering their plea, the court granted them time till April 2019.

He began returning the money to investors and was left with a debt of ?89 crore. “As the deadline was nearing, Mukarram, who was unable to repay investors, had gone underground,” a police officer said. Meanwhile the ED has initiated money laundering investigation on the basis of an FIR registered against Injaz International and Associated Group located in Bengaluru under sections of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Chit Funds Act, 1982 and under cheating by Wilson Garden Police Station, Bengaluru.

Thousands of people who had invested in a similar fraudulent scheme from IMA Group of Companies continue to face a tough time while awaiting the return of their hard-earned money. Businessman found dead The body of a 67-year-old man, who had reportedly been missing from his house for several days, was found near JP Nagar in the city. The police have identified the deceased as Balasubramanyan, who owned a transport agency in the city. 

On November 16, Balasubramanyan, had dropped his grandson for his badminton class, but went missing after that. As his mobile phone was switched off, his son had filed a missing complaint at the Subramanyapura police station. The next day a body was found by the police near JP Nagar 6th stage and Balasubramanyan's son was informed about it.

However, it is not clear how he died. The police said that his body had no marks of injury or physical attack. They, however, suspect that he must have been suffocated to death. Meanwhile Puttenahalli police have sought a CDR report to verify Balasubramanyan's call log data for further investigation.