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ED finds Bengaluru firm running potential Ponzi scheme

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Bengaluru, Nov 8 (IANS) The Enforcement Directorate (ED) on Thursday charged a city-based marketing firm with running a potential ponzi scheme offering huge interest to investors in the name of ‘Islamic banking’.

“Investigation revealed that the city-based Ambidant Marketing Ltd has been operating a potential ponzi scheme and duping hundreds of investors in the name of Islamic banking and ‘halal’ investment,” said ED in a statement.

Since inception on December 20, 2016, the company received cumulatively Rs 954 crore as investments under Haj/Umrah and Ultimate plans.

“We have written to the Reserve Bank of India to re-look into the scheme to protect the interests of investors/depositors being duped by the company,” said an ED official in the statement.

In a ponzi scheme, an investment firm fraudulently collects huge money from depositors promising high interest rate, but uses it to pay heavy interest on deposits raised earlier from another set of investors.

“In a ponzi scheme, investors are made to believe that they earn high interest on their deposits from profits the company makes through lucrative business than from their own deposits, which are recycled,” said the official.

The law enforcement agency also detected Ambidant collecting investments from hundreds of customers in the name of ‘Halal’ and offering 12 per cent returns (interest rate) per month or an astronomical 144 per cent per annum.

“Though the funds were collected through electronic mode, cheque or cash, they were neither registered with the RBI nor with the stock market regulator SEBI under their collective investment scheme,” said the statement.

The ED found the offer of 10-12 per cent returns per month intriguing in the name of Islamic banking, which is based on the Shariat or Halal law.

Searches conducted on January 4-5, 2018 at Ambidant’s premises in the city found that it had violated FEMA (Foreign Exchange Management Act) in forex trading to the tune of $6,62,146 (Rs 4.21 crore with $ at Rs 63.50 rate).

The searches were on the basis of an Income-Tax (I-T) Department letter dated November 11, 2017 to the economic intelligence wing of the Revenue Department.

Cash totalling Rs 1.97 crore was seized during the search from the residence of Ambidant owners Syed Fareed Ahmed and his son Syed Afaq Ahmed and confiscated under Section 13(2) of the FEMA.

Preliminary investigation also revealed a resident Indian opened several accounts abroad without the RBI permission and incorporating a firm in Dubai without prior approval of the RBI and the central government.

“A complaint was filed on February 2, 2018 against the company for the alleged FEMA violations and a penalty of Rs 1.86 crore was recovered after the Joint Director adjudicated the case,” added the statement.

The Directorate has asked the Karnataka government to provide it a copy of all FIRs (first information report), including investigation by the state police, relating to the investment scheme for initiating a probe under the Prevention of Money Laundering Act./Eom/495 words.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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