Enforcement Directorate Bangalore Zonal Office (on the basis of reasonable information received from the Income Tax Department vide their letter dated 13.11.17 that the above captioned firm is into forex trading) 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 Bustan Center, 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.
Several FEMA violations like forex trading to 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. The cash in INR to the tune of Rs 1.97 crores 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 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 month are being offered to the investors in the name of Islamic banking.
From the investigation conducted by ED, it came to the fore that the scheme run by company is surely 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 State Government authorities have also been requested to provide copies of all FIRs, including current investigation by the Karnataka Police, relating to the said investment scheme to examine possibility of initiation of separate PMLA investigations therein.
City Today News
(Tj vision media)