In a notable crackdown, the Enforcement Directorate (ED) has launched simultaneous raids at nine locations in Arambagh, targeting a company accused of defrauding investors of nearly ₹300 crore under the guise of portfolio management services. Promising an enticing 24% annual return on investments, the firm has ensnared thousands, including many influential figures, across West Bengal, Maharashtra, Bihar, and Odisha. The recent arrest of the company’s head, Syed Jaijur Rahman, by Odisha police has added fuel to the fire, as he currently remains in custody.
the ED’s operation on Thursday saw officers descend upon the residences of key individuals linked to the LFS Broking firm, including Rahman’s resort and the homes of associates dilip Maity, Sahil Sheikh, Alok Kundu, and Sourav Adhikari. Victims have been vocal, filing complaints at various police stations, which prompted the ED’s decisive action. As the investigation unfolds,the scale of this alleged fraud raises pressing questions about regulatory oversight in the financial sector and the vulnerability of investors,especially in a climate where trust is paramount. The ramifications of this case could resonate far beyond Arambagh, highlighting the urgent need for greater transparency and accountability in investment practices across india.
