ED Attaches Assets Worth ₹155 Crore Linked To ₹1,600 Crore LFS Broking Fraud

2025-09-27 10:09:54

(MENAFN- Live Mint) The Enforcement Directorate has attached 212 immovable properties worth more than ₹155 crore linked to the ongoing investigation against LFS Broking Pvt Ltd, associated companies and individuals, including Saiyad Jiyajur Rahaman, the agency said.

The listed properties were attached as per the Prevention of Money Laundering Act (PMLA ), 2002 include parcels of land, apartments, hotels, resorts, and factory plots spread across various districts in West Bengal and other states, according to ED.

During the investigation , these assets were identified as Proceeds of Crime resulting from the fraudulent transaction of more than ₹1,600 crore from investors. The investors were misled with false promises of guaranteed high returns through various entities controlled by the accused, the agency said.

ED began a probe based on FIRs registered by the West Bengal Police under various IPC sections against LFS Broking, Saiyad Jiyajur Rahaman, and others. Additionally, multiple FIRs have been filed against Saiyad Jiyajur Rahman and the LFS group in Gujarat, Odisha, and Maharashtra.

What did the investigation reveal?

According to the investigation, Saiyad Jiyajur Rahaman, Dilip Kumar Maity, Md. Anarul Islam and their associates ran illegal investment schemes by manipulating SEBI registration certificates. They used a network of entities to collect and divert investor funds, promising guaranteed monthly returns of 2-3 per cent, ANI reported.

The accused operated an illegal business claiming to be M/s LFS Broking Pvt. Ltd., a SEBI-registered company involved in share broking and investments. However, they intentionally created multiple firms with names similar to M/s LFS Broking Pvt. Ltd., misleading investors into thinking they were investing in the legitimate SEBI-registered entity. In reality, the funds were diverted to these similarly named firms, including LFS Broking and PMS Services.

Earlier, ED arrested six individuals involved in the case, including the mastermind, Saiyad Jiyajur Rahaman. They are now in judicial custody.

(With inputs from agencies.)

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