The Enforcement Directorate (ED) said on Friday that it has attached assets worth over Rs 10 crore of a Bengaluru-based firm in connection with an alleged ‘Islamic banking or halal investment’ ponzi scam case.
According to the ED, the accused firm is Ambidant Marketing Pvt Ltd and its promoters. The case of alleged duping of a number of gullible investors had made headlines in Karnataka last year.
The financial probe agency said in a statement that the case pertains to allegations that the accused firm and its promoters were collecting investments from customers under various plans, including Haj/Umrah plan, in the name of ‘Islamic banking or halal investment’ and offering huge returns to the extent of up to 15 per cent per month.
The company was not authorised to collect such funds as it was neither registered with the RBI nor with the SEBI under their collective investment scheme, it said.
“The company sold their plans in the form of partnership business with promise of high returns. Initially, to win the trust, it was ensured that customers get back their first instalment as promised,” the ED said.
The company had hired agents who would convince investors to invest in the plan by giving these agents a heavy commission, it said.
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