The Enforcement Directorate (ED) has arrested Syed Ziajur Rahman, director of M/s LFS Broking Pvt Ltd, in connection with a massive investment scam involving fraudulent collection of over ₹1500 crore. The arrest was made under the Prevention of Money Laundering Act (PMLA), 2002, on July 5 by the Kolkata Zonal Office. Rahman has been remanded to ED custody till July 14.
ED investigations reveal that Rahman, the alleged mastermind, lured investors by promising 2–3% assured monthly returns on investments. Many unsuspecting individuals handed over their life savings to LFS Broking Pvt Ltd and its associated firms, which were falsely portrayed as SEBI-registered entities.
Further probe uncovered that the accused floated multiple firms with names resembling LFS Broking and PMS Services to mislead investors into believing they were investing with a legitimate SEBI-registered company. The collected funds were then illegally diverted and laundered.
The ED has also arrested Mohammad Anarul Islam and Dilip Kumar Maity in this case and conducted searches across multiple locations. Several bank accounts have been frozen, and both movable and immovable properties have been identified. The scam revolves around fraudulent schemes designed to pool public funds through misleading high-return investment promises.
