The Prevention of Money Laundering Act (PMLA), 2002 was brought against M/s. Injaz International and its partners, Misbahuddin S. and Suhail Ahmed Sheriff, in a case involving defrauding people by enticing them to invest in the “Halal” Investment Scheme offered by the company by promising high returns while failing to repay the returns/principal amount invested by the dummy investor. The Hon’ble Special (PMLA) Court Bengaluru has taken cognizance of the offence of money laundering.
On the basis of an FIR filed by the Wilson Garden Police Station under the Prize Chits & Money Circulation Schemes (Banning) Act, 1978, the Indian Penal Code, 1860, and the Chit Funds Act, 1982 against M/s. Injaz International and its associated group, the Enforcement Directorate (ED) launched a money laundering investigation.
The ED investigation found that M/s Injaz International was not only unable to refund the funds previously deposited with it, but also unable to keep up with the returns owing to its investors against the investments they had made. M/s. Injaz International defrauded the public of their investments after luring them with unrealistic returns projections, never returning the hard-earned money that the general public had invested.
Further investigation showed that Misbahuddin S. and Suhail Ahmed Sheriff had diverted money to the tune of Rs. 81 crores for the purchase of immovable properties and other business entities run by them as well as their associates, leading to the generation of more than Rs. 50 crore in criminal proceeds. Misbahuddin S., a partner in M/s. Injaz International was detained by the judicial system after being apprehended by the ED on November 15, 22. More research is being done.
