Ambidant ponzi scam: CCB questions BBMP corporator’s husband Ishtiaq Ahmed
The Enforcement Directorate, meanwhile, has written a scathing letter to Bengaluru’s Police Commissioner stating that the CCB’s press release has maligned the ED’s reputation.
Investigators probing the multi-crore investment scam allegedly perpetrated by Ambidant Marketing Pvt Ltd, on Friday, questioned Ishtiaq Ahmed, husband of Shivajinagar corporator Farida. CCB sleuths suspect that Ishtiaq was connected to the scam as well.
CCB sources believe that Ishtiaq was allegedly involved in luring customers to invest in Ambidant and promised them great returns. CCB sources say that he is also a rowdy sheeter, who has cases registered against him for allegedly collecting hafta in Shivajinagar area.
“We believe he was the middle man. He convinced people that Ambidant was involved in Islamic banking and promised them great returns,” the CCB source said.
The CCB raided Iftiaq’s residence on November 13 and allegedly stumbled upon power theft at his house. The CCB investigators had informed Bescom vigilance officers, who also inspected his home and found that an illegal electrical connection was obtained for the third floor.
Meanwhile, the Enforcement Directorate has written to the Bengaluru Police Commissioner T Suneel Kumar and has taken objection to mentioning the organisation’s name in the police press note on the Ambidant scam.
The letter written by the Joint Director of ED states that a press release issued by city police in connection with Ambidant scam mentions the ED, which was maligning the reputation of the agency. “This not only maligned the public image of this agency but also lead to avoidable media speculation in the case. Surprisingly, before putting uncorroborated information in public domain, no effort was made by state police to consult or verify the facts from this directorate,” the letter states.
The CCB had in its press release stated that the owners of Ambidant had paid former BJP minister and mining baron Jarandhana Reddy Rs 20 crore in order to stop the Enforcement Directorate’s investigation into Ambidant.
Ambidant was run by father-son duo Syed Ahmed Fareed and Syed Afaq Ahmed. CCB sources say that the duo also floated multiple companies including M/s Ambidant Constructions Ltd., M/s Ambidant Marketing and Trading Company, M/s Profit Theme, M/s Ammar Enterprises, M/s Ambidant Global Solutions, M/s Ambisheltar, M/s Perinet Technologies, M/s Ambigold, M/s Webworld and also having business establishments abroad through the firms M/s Ambidant Marketing Financial Services LLC (at Nawras Tower, Al Quasis, Near Bustan Center, Dubai) started in September 2017.
The officials detected that Ambidant Marketing Pvt. Ltd. is allegedly involved in collecting investments from the customers in the name of halal Investment and offering huge returns to the extent of up to 12 % per month.
“The money is collected through cash, cheque or online transfer. They are neither registered with the RBI nor with the SEBI under their Collective Investment Scheme. From inception, the company has so far received investment up to Rs 954,05,13,321 under various plans like Ultimate plan and Haj/Umrah plan,” the source added.