ED arrests ponzi company MD Misbah Mukarram for allegedly defrauding people

News Network
November 17, 2022

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Bengaluru, Nov 17: The Directorate of Enforcement (ED) has arrested the managing director of Injaz International, Misbahuddin S alias Misbauddin S Mukarram under the Prevention of Money Laundering Act (PMLA), 2002. The accused had allegedly cheated people of huge funds in a Ponzi scam.

According to ED officials, during the investigation of the scam, they found that the accused had cheated the investors by siphoning off huge sums of money after luring depositors with promises of high returns against their investment. 

A special PMLA court on Thursday remanded Misbahuddin in ED custody till November 19. 

ED had initiated a money laundering investigation on the basis of an FIR registered against M/s Injaz International and associated Group located at Bengaluru under sections of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Chit Funds Act, 1982 and under section 420 of IPC by Wilson Garden Police Station in September 2017.

The then revenue inspector of Yelahanka taluk tahsildar's office, Ananth Padmanabha, had filed a complaint with the police against Injaz International stating that a probe was conducted after the 42nd State-level coordination committee meeting. The company had taken deposits from thousands of investors promising them high returns and cheated them. The case was transferred to CCB. Misbahuddin was arrested by CCB in 2019 for cheating people to the tune of Rs 250 crore. 

The ED found that M/s Injaz International is a partnership firm that was run by Suhail Ahamed Shariff and Misbahuddin S. M/s Injaz International accepted deposits from investors, cheated them and violated RBI guidelines. M/s Injaz International ran investment schemes by luring depositors with promises of high returns since the year 2016. The money was routed through multiple bank accounts, the firm had not done audits or had filed ITR returns.

M/s Injaz International diverted the amount from depositors to various individuals including its partners and related entity M/s Injaz Builders and Developers. Further investigation is on. 

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News Network
July 15,2024

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The Karnataka Congress on Monday junked reports that the State Road Transport Corporation would be hiking bus fares. The party on X noted that transport minister has not placed any such proposals before the government.

The party's account further noted that BJP leaders should 'stop spreading lies' and rather answer about the increase in auto part prices, fuel prices, and train fares in the last ten years.

Karnataka Congress, in the post, continued that people should be allowed to answer about the burden on state governments due to the central government's price hike policy.

BJP leaders like Tejasvi Surya took potshots at the Congress government over news of the alleged fare hike, attributing it to the party's 'Khatakhat Model of Governance.'

KSRTC chairperson, S R Srinivas, however said on Sunday that the body has submitted a proposal to the government to hike the fare by 15 to 20 per cent.

"We had a board meeting two days ago. We have proposed a hike of 15 per cent to 20 per cent. The rest is up to the discretion of Chief Minister Siddaramaiah. If KSRTC is to survive, fare hike is inevitable," he said.

The chairperson also noted that fuel and auto parts have seen prices go up substantially, but there has been no increase in bus fares since 2019.

"The salary revision of the KSRTC employees has not been done since 2020. Hence, increasing the ticket price is necessary," Srinivas added.

As per the chairperson, the corporation has suffered a loss of Rs 295 crore in the last three months.

To a question on whether the hike would burden male passengers since women are allowed to travel free of cost under the 'Shakti' scheme, Srinivas said there is no question of putting burden only on men. He noted that the state government continues to bear the expenses for women travelling in buses.

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News Network
July 19,2024

Mangaluru/Udupi, July 19: Amid continuous heavy rains in Karnataka's coastal region, the district administrations of Dakshina Kannada and Udupi have declared a holiday for all schools and pre-university colleges on Saturday, July 20.

In response to the persistent rainfall over the past few days, the disaster management authority has implemented several precautions. All Anganwadis, primary and high schools, and pre-university colleges (up to 12th grade), including government, aided, and unaided private institutions, will remain closed.

Parents are urged to keep their children away from low-lying areas, lakes, seashores, and riverbanks. Fishermen have been warned against venturing into the water. Taluk-level officers are required to remain at their headquarters, and district-appointed nodal officers must stay alert and respond to public complaints. Tahsildars have been instructed to maintain constant communication.

Relevant department officers have been directed to open and prepare rescue centers at the taluk level. Emergency services are available 24/7 via the toll-free control room number 1077 and the following telephone numbers: 0824-2442590 (Dakshina Kannada) and 0820-2574802 (Udupi).

As a precaution, both residents and tourists are strictly prohibited from approaching beaches, rivers, and waterfalls and are advised against taking photos and videos in these areas.

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News Network
July 16,2024

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Bengaluru: Senior JD(S) lawmaker HD Revanna on Tuesday launched a diatribe against Director-General of Police Alok Mohan in Karnataka Assembly, dubbing him as “unfit” to be the top cop.

But an emotional Revanna also said that his son Prajwal Revanna, the former Hassan MP accused of mass sexual abuse, should be hanged if found guilty.

“If my son has committed wrongs, then let him be hanged. I won’t say no,” Revanna said in his first Assembly appearance after his family was embroiled in the Hassan sexual abuse case. 

“I’ve been a lawmaker for 25 years. I’ve spent 40 years in public life. Against me, some woman is brought to the Director-General’s office. The DG gets the complaint filed. Isn’t he nalayak to be the DG? He’s unfit. This is a shameless government,” Revanna said. 

This riled up members of the ruling Congress, including Chief Minister Siddaramaiah who asked Deputy Speaker Ramappa Lamani in the chair to expunge the comments. 

Revanna was arrested on May 4 in a kidnap and illegal confinement case linked to the Hassan sexual abuse saga. 

Revanna rose to speak after Leader of the Opposition R Ashoka drew a comparison between the manner in which Special Investigation Teams (SIT) are probing the Hassan sexual abuse case and the embezzlement at the Maharshi Valmiki ST Development Corporation. 

“Revanna, Bhavani and our former Hassan MLA Preetham...they’re facing an SIT. But that SIT is so strong...all of them went to court seeking justice fearing arrest,” Ashoka said. “But with the other SIT, there’s no fear,” he said, adding that former minister B Nagendra was not summoned for investigation for over 30 days. 

Senior BJP lawmaker S Suresh Kumar interjected. “There’s SIT and there’s SSIT. The SIT is Special Investigation Team. The SSIT is the Siddaramaiah Shivakumar Investigation Team,” he said. Taking exception, Shivakumar said the comment should be expunged.

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