EOW arrested the proprietor of “LFS broking & PMS” from Kolkata. He is the main accused in case no 07/2024 related to share trading fraud of more than Rs 600 crores running in Odisha, West Bengal, Bihar, Maharashtra, Jharkhand & Gujarat.
EOW arrested the proprietor of "LFS broking & PMS" from Kolkata. He is the main accused in case no 07/2024 related to share trading fraud of more than Rs 600 crores running in Odisha, West Bengal, Bihar, Maharashtra, Jharkhand & Gujarat. @odisha_police @CIDOdisha
— Economic Offence Wing (@EOWODISHA) July 13, 2024
The EOW arrested proprietor identified as Jiyajur Rahman, the mastermind of the large-scale investment fraud scheme, at the Kolkata airport after returning from Dubai.
Rahman, a resident of West Bengal’s Hooghly district, was involved in a case filed under the Indian Penal Code (IPC) and the Odisha Protection of Interests of Depositors (OPID) Act..
SEBI cancels registration of LFS broking, bans MD for 5 years
The accused allegedly defrauded more than 6,000 investors in Odisha and other states including West Bengal, Bihar, Maharashtra, Jharkhand and Gujarat of nearly Rs 600 crore in the name of share trading.Rahman promised investors 2% monthly interest on their invested money but instead diverted the funds to his own businesses, including a luxury hotel and resort in West Bengal.
News Source:-https://sambadenglish.com/odisha-eow-busts-rs-600-cr-share-trading-scam-nabs-mastermind-from-kolkata/
News Source:-https://x.com/EOWODISHA
SEBI (Securities and Exchange Board of India) had already barred Rahman from trading.The EOW was probing the case since May 27 after receiving a complaint from one of the victims, Arun Kumar Pattanaik.
EOW arrested the proprietor of “LFS broking & PMS” from Kolkata.
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