In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has detained Misbahuddin S as part of an inquiry into the syphoning off and transfer of sizable sums of money by enticing depositors with promises of great returns. He was presented to the Special Court (PMLA), Bengaluru, and the court gave the ED custody of him till November 19, 2022.
Based on an FIR filed by Wilson Garden Police Station, Bengaluru City, against M/s. Injaz International and associated Group under sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1982 and Chit Funds Act, as well as under section 420 of the IPC, ED opened a money laundering investigation. The scandal, estimated to be worth over Rs. 250 Crore, was the subject of an investigation by the CCB in Bengaluru.
Suhail Ahamed Shariff and Misbahuddin S are the two partners of Injaz International, which was discovered throughout the inquiry to be a partnership business. According to the FIR and the inquiry, M/s. Injaz International took investor deposits, defrauded them, and broke RBI rules. Since 2016, M/s. Injaz International is believed to have been operating investment schemes by enticing depositors with promises of huge profits. Money was transferred by M/s. Injaz International through many bank accounts, but neither an audit nor an ITR return had been submitted.
Huge sums of money were raised from investors by M/s. Injaz International then distributed the money to a number of people, including its partners and a related company called M/s. Injaz Builders and Developers. Further research is being done.
