In a significant breakthrough in the multi-crore LFS investment fraud, the Economic Offences Wing (EOW) of the city police arrested Dilipkumar Maiti, director of LFS Share Broking Company, from Kolkata on Friday.
The arrest is linked to a widespread pan-India scam where more than 6,000 investors were duped with false promises of lucrative returns. According to police reports, LFS lured investors by promising returns between 20% and 36%, ultimately cheating them out of over Rs1,000 crore.
Maiti, who was earlier in custody of the Enforcement Directorate (ED) for unrelated financial crimes, was handed over to the city police on July 17 and remanded till July 22.
In Maharashtra alone, losses stood at Rs35 crore, including Rs3 crore from investors based in Mumbai. The city police registered the case in February after complaints were filed by investors deceived by company agents Vinod Mane and Vinod Salve. Prior to Maiti’s arrest, the EOW had apprehended another company director, Syed Ziajur Rehman, in connection with the scam.
Authorities disclosed that the EOW plans to seek approval to seize and auction properties owned by Maiti and associates outside Maharashtra. So far, 16 properties linked to Maiti and co-accused Anarul Hussaini have been identified. The Kolkata administration has been asked to prevent any transactions on these assets.
This scam extends across multiple states with FIRs filed in Odisha, West Bengal, Bihar, Jharkhand, Gujarat, and Maharashtra. Investigations have uncovered 63 properties—including hotels, resorts, land parcels, and flats—along with 118 bank accounts that have been frozen. The Securities and Exchange Board of India (SEBI) banned the company from operating in June 2024.
An investment scam typically involves fraudulent promises of high returns to lure investors, with the real intent to steal their money. This case highlights how scammers use unrealistic claims and attractive offers to deceive thousands.
