The ED began investigating LFS Broking after FIRs under the Prevention of Money Laundering Act were filed by West Bengal, Gujarat, Odisha, and Maharashtra police
New Delhi
The Enforcement Directorate (ED) has attached 212 properties worth over ₹155 crore in an ongoing probe into LFS Broking Pvt Ltd and related companies. This action includes land, apartments, hotels, resorts, and factory plots in West Bengal and other states, the agency said in a statement on Saturday.
The properties were identified as “proceeds of crime” linked to a scheme that raised over ₹1,600 crore from investors through false promises of assured high returns. Investors were misled by claims of guaranteed monthly returns of 2–3 per cent through entities controlled by the accused.
The ED began its investigation after FIRs were filed by the West Bengal Police under the Prevention of Money Laundering Act, 2002. FIRs have also been registered in Gujarat, Odisha, and Maharashtra against LFS Broking and its key persons, including Saiyad Jiyajur Rahaman.
The probe revealed that Rahaman and his associates, including Dilip Kumar Maity and Md. Anarul Islam, operated illegal investment schemes. They used manipulated SEBI registration certificates and created multiple firms with similar names to LFS Broking Pvt Ltd. Investors believed they were investing in a registered company, but funds were diverted to other firms, such as LFS Broking and PMS Services.
Earlier, ED had arrested six persons, including Rahaman, who are now in judicial custody. A prosecution complaint has been filed against ten accused in the Special Court in Kolkata.
The property attachment reflects ED’s determination to recover assets derived from fraudulent activities and dismantle illegal financial networks, sending a strong message against economic crimes.
