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States » South

IT confirms that M/s Ambidant Marketing Pvt ltd is into Forex Trading: ED

Bengaluru, Nov 8 (UNI) Enforcement Directorate, Bangalore Zonal Office, on the basis of information rceived from the Income Tax Department, conducted searches at several premises of M/s Ambidant Marketing Pvt Ltd being run by Syed Fareed Ahmed and Syed Afaq Ahmed.
Mr Navdeep Singh, Assistant Enforcement Officer, in a press release forwarded here on Thursday, said that Enforcement Directorate Bangalore Zonal Office conducted searches at several premises of M/s Ambidant Marketing Pvt Ltd being run by one Sh Syed Fareed Ahmed and Sh Syed Afaq Ahmed on 04.01.18 & 05.01.18. Other than M/s Ambidant Marketing Pvt Ltd, the above said father son duo were found to have floated several other firms in India i.e. M/s Ambidant Constructions Ltd., M/s Ambidant Marketing and Trading Company, M/s Profit Theme, M/s Ammar Enterprises, M/s Ambidant Global Solutions, M/s Ambisheltar, M/s Perinet Technologies, M/s Ambigold, M/s Webworld & also having business establishments abroad i.e. M/s Ambidant Marketing Financial Services LLC (at Nawras Tower, Al Quasis, Near BustanCenter, Dubai) started in September 2017. During the search cash to the tune of Rs 1.97 crore was seized by ED from the residential premises of Sh Syed Fareed Ahmed for violations under FEMA.
The above clarification comes in the wake of Central Crime Branch (CCB) three teams conducting raids on residence and offices of former Minister and Mining baron Gali Janardhana Reddy at Ballari, in Bengaluru and the teams went in search of him even to Hyderabad, Mr Reddy is absconding and the special teams are still looking out for his hiding place and arrest him in connection with money laundering case.

The forwarded press release by the ED further stated that several FEMA violations like forex trading to to the extent of USD 6,62,146 (equivalent to Rs. 4, 20,46,271 @ 63.50 per USD); the opening of accounts abroad by a resident Indian without the permission of RBI, incorporation of a firm in Dubai without prior approval of Reserve Bank of India /Government of India came to the fore during the ongoing investigations in the matter. A complaint was filed in the matter in the case on 2.2.18 for the above mentioned violations under FEMA. The matter was adjudicated by the Joint Director and penalty to the tune of Rs 1.86 crores was recovered. Cash Rs 1.97 crores was recovered during the search was confiscated under Section 13(2) of the FEMA.
Further, enquiries have also been initiated by ED as regards ownership of assets by these persons/ entities in UAE which is still continuing.
ED has also detected that M/s. Ambidant Marketing Pvt. Ltd. is involved in collecting investments from the customers in the name of Halal Investment and offering huge returns to the extent of up to 12 per cent per month. The money is collected through electronic mode/cheque/cash. However, they are neither registered with the RBI nor with the SEBI under their Collective Investment Scheme. From inception (on 20.12.2016) the company has so far received investment totalling to Rs 954,05,13,321 under various plans like Ultimate plan and Haj/Umrah plan. It is intriguing that returns to the tune of 10-12 per cent per month are being offered to the investors in the name of Islamic banking.
The investigation by ED has revealed that the scheme run by company is a potential ponzi scheme. In view of the above, ED has written to the RBI to have a relook into the matter and protect the interest of the investors/depositors at large who are being duped in the name of Islamic banking/halal investment.
The Karnataka State Government authorities have been been asked to provide copies of all FIRs, including current investigation relating to the said investment scheme to examine possibility of initiation of separate PMLA investigations therein.
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