July 14th 2024.
In Bhubaneswar, the Economic Offences Wing of the state Crime Branch announced on Saturday that they had successfully uncovered a massive trading scam worth 600 crore rupees and arrested the owner of a brokerage firm. The accused, identified as Saiyyad Jiyajur Rahaman, hails from Hooghly district in West Bengal and is the proprietor of LFS Broking and PMS Services.
According to Superintendent of Police Dilip Tripathy, Saiyyad had deceived over 6,000 investors from various states including Odisha, Maharashtra, Gujarat, Jharkhand, West Bengal, and Bihar through his brokerage firm. Upon his return from Dubai, Saiyyad was detained at Kolkata Airport by the Bureau of Immigration as a lookout circular had been issued against him.
Further details of the scam were revealed by Tripathy, who stated that the investigation was launched after a complaint was filed by one of the victims, Arun Kumar Pattnaik. Arun claimed that he had been cheated of over 20 lakh rupees by LFS Broking and PMS Services, who had promised him a 2% interest on his investment until the final payment. However, this turned out to be a false promise.
The EOW Superintendent of Police also shared that Saiyyad would transfer the collected funds to his sister company, Arambagh Hotel and Resort. Interestingly, the directors of this company were found to be Saiyyad's wives, Habiba Begum and Ranjita Mahajan. Upon further investigation, it was discovered that the company had siphoned off nearly 100 crore rupees from investors in Odisha. Initially, Saiyyad would make monthly interest payments, but he eventually stopped and became untraceable.
It is worth noting that the Securities and Exchange Board of India had already banned Saiyyad as a stockbroker for a period of five years due to a serious complaint against him. The EOW has now filed a case against him under relevant sections of the Odisha Protection of Interests of Depositors Act and produced him in court on Saturday for further proceedings.
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