The Enforcement Directorate’s Hyderabad Zonal Office has submitted a charge sheet at the PMLA Court in Rangareddy against Metalloids Technologies Private Limited (MTPL), its Managing Director Jayant Biswas, and his wife Mousumi Biswas. The court acknowledged the charge sheet on January 28 under the Prevention of Money Laundering Act. The ED’s investigation stemmed from FIRs filed by the Telangana Police against MTPL and others for allegedly deceiving investors with high-return investment schemes.
The probe uncovered that MTPL lacked the necessary RBI approval to operate such schemes and had shifted from its original business focus to attract public deposits through fraudulent high-return plans. Jayant Biswas and Mousumi Biswas orchestrated schemes promising unrealistic returns of 40% to 200%, following a Ponzi model. The company allegedly duped over 4,000 investors, amassing more than Rs 114.52 crore, with Rs 14.95 crore reportedly misappropriated.
MTPL employed aggressive marketing tactics like brochures, videos, and seminars at luxury venues to lure investors. The ill-gotten gains were used for promotions, travel, and investments in various ventures, as well as personal acquisitions. Earlier, the ED had provisionally seized assets worth Rs 1.32 crore in 2025.
