The Enforcement Directorate (ED) team in Jalandhar arrested Arif Nisar in connection with a massive Rs 2,200 crore investment scam involving the sale of cloud particles. The arrest was made at a hotel near the IGI Airport in Delhi, and Nisar was subsequently brought to the ED office in Jalandhar on Tuesday morning.
Nisar was presented before Special Judge Nirbhow S Gill in the PMLA court, where the ED secured his remand until March 4. The ED’s investigation focuses on four companies: Veunow Marketing Services Ltd (VMSL), Zebyte Infotech Pvt Ltd (ZIPL), VIPL, and ZRPPL, with Nisar being a major shareholder in ZIPL, holding 75% of the company’s shares. Investigations reveal Nisar’s significant involvement in defrauding investors.
ZIPL reportedly fabricated fake server purchases from non-existent companies, funneling the proceeds into shell entities. Nisar organized events to lure investors, convincing them to buy the fake cloud particles. Between January 2020 and December 2022, he received approximately Rs 3.24 crore from the four companies under investigation.
On January 17, the ED conducted a series of search operations across 11 locations in Gurugram, Panchkula, Jind, Mohali, and Mumbai. The operations resulted in the seizure of four SUVs and two bikes. The investigation was initiated based on an FIR filed by the Gautam Budh Nagar police in Uttar Pradesh, which led to further inquiries under BNS sections.
The investigation continues as the ED delves deeper into the financial fraud and seeks justice for the gullible investors.
