Hyderabad, Jan 31 (NationPress) The Directorate of Enforcement (ED) from the Hyderabad Zonal Office has submitted a charge sheet to the PMLA Court in Rangareddy concerning M/s Metalloids Technologies Private Limited (MTPL), its Managing Director Jayant Biswas, and his spouse Mousumi Biswas, as stated in an official announcement on Saturday.

On January 28, the court acknowledged the charge sheet filed in accordance with the provisions of the Prevention of Money Laundering Act.

The ED launched the investigation following multiple FIRs lodged by the Telangana Police under Section 420 of the IPC against MTPL, Jayant Biswas, and others for allegedly deceiving unsuspecting investors by promising high returns on various investment schemes. Following this, several FIRs were filed due to complaints from investors across multiple states.

The investigation uncovered that MTPL lacked the necessary Reserve Bank of India (RBI) approval to operate such investment schemes. Initially, the company was registered to engage in the business of trading metallurgical and metal welding products. However, it was allegedly misused as a shell entity to attract public deposits through fictitious high-return schemes devoid of any authentic business activity.

The ED reported that promoters Jayant Biswas and Mousumi Biswas crafted a misleading strategy to collect funds from the public by launching enticing investment schemes that promised unrealistic returns ranging from 40% to 200% in a short time. These schemes mimicked a classic Ponzi model, wherein returns to earlier investors were funded by money obtained from new investors.

Furthermore, the company charged non-refundable registration fees of Rs 2,222 per ID (and multiples of this), distributed misleading agreements that denied liability, and collected deposits without engaging in any productive activity as stated in its Memorandum of Association. In total, MTPL allegedly defrauded over 4,000 investors, amassing more than Rs 114.52 crore. Out of this, Rs 99.57 crore was returned, while Rs 14.95 crore was reportedly misappropriated.

To project an image of legitimacy, MTPL employed aggressive marketing tactics, including printed brochures, video presentations, and motivational seminars held in luxurious hotels. Commission agents, team leaders, and early investors were rewarded to attract additional investors. These commissions reportedly ceased once new inflows dwindled, causing alarm among depositors.

The ED indicated that the proceeds of crime were utilized for promotional events, travel, and investments in other ventures, including SO Vacations, Samarin Coffee House, M/s Arthkranti Beed Nidhi Ltd (a Nidhi company), the purchase of two flats in Kolkata, and fixed deposits under the name of Mousumi Biswas's mother.

Previously, the ED had provisionally attached movable and immovable assets valued at Rs 1.32 crore on April 30, 2025.