Kolkata, Sep 27 (NationPress) The Enforcement Directorate's Kolkata Zonal Office has provisionally seized 212 immovable properties estimated at over Rs 155 crore as of September 24, linked to the ongoing investigation against LFS Broking Private Limited, its affiliated companies, and individuals, including Saiyad Jiyajur Rahaman. This action falls under the Prevention of Money Laundering Act (PMLA), 2002, as stated by the central agency on Saturday.

The properties involved comprise various assets such as land parcels, apartments, hotels, resorts, and factory plots spread across several districts in West Bengal and other regions.

As per the ED's press release, these assets were identified during the investigation as proceeds of crime, which were obtained through the fraudulent solicitation of over Rs 1,600 crore from investors, misled by false assurances of guaranteed high returns through various entities controlled by the accused.

The investigation was initiated based on FIRs filed by the West Bengal Police under multiple sections of the IPC, 1860, against LFS Broking, Rahaman, and others.

Moreover, additional FIRs have been lodged against Rahaman and the LFS group in other states including Gujarat, Odisha, and Maharashtra.

The investigation has uncovered that the masterminds behind the scam, including Rahaman and his associates such as Dilip Kumar Maity, Md. Anarul Islam, and others, operated illegal investment schemes by manipulating SEBI registration certificates and utilizing a network of entities to gather and misappropriate investor funds, promising guaranteed monthly returns ranging from 2% to 3%.

The accused operated this fraudulent business under the name of LFS Broking, a company registered with SEBI for share broking and other investment services. However, they misleadingly created several other firms with names similar to LFS Broking, tricking investors into believing they were investing in the legitimate SEBI-registered company, while the actual funds were diverted to similarly named firms such as LFS Broking and PMS Services, among others.

Previously, the ED arrested six individuals in relation to this case, including the ringleader Saiyad Jiyajur Rahaman, who are currently under judicial custody. Additionally, a prosecution complaint has been filed against ten accused in a special PMLA court in Kolkata.