The Ahmedabad Detection of Crime Branch on Wednesday arrested two owners of a finance company in Ahmedabad for duping 495 people to the tune of Rs 2.78 crore through various Ponzi schemes over a period of three years.
According to the police, an FIR has been registered at the Crime Branch (DCB) police station in Ahmedabad against Mahesh Bhadra, a resident of Nava Naroda in Ahmedabad, his son Chirag Bhadra and wife Mamta Bhadra, who is the owner of Anand Enterprises Finance Company. Danger.
“We have arrested 29-year-old Chirag and his mother Mamta, while Mahesh is still absconding,” said a senior Ahmedabad DCB police officer.
Police said that the main accused Mahesh ran several Ponzi schemes in which people were encouraged to participate in lucky draws or deposit monthly installment amount as tickets to get insurance cover.
According to police, the accused encouraged people to become “agents” for his company and attracted investments in exchange for commissions through a pyramid-style Ponzi scheme.
A total of 18 agents deposited Rs 2.78 crore to Anand Enterprises from 2018 to 2021, however, in this case none received the money as per the victims.
The complainant in this case, Fenil Rathod, is one of the agents of Anand Enterprises, who initially worked as a pantry staff for the company.
“I contacted 34 individuals and deposited Rs 20.5 lakh over a period of three years, of which each monthly investment in a scheme was Rs 1,600 per person. However, neither the lucky draw winner was announced nor the investors money was refunded as per the rules of the company,” Rathod said in his complaint.
Taking cognizance, the police registered a case of criminal breach of trust against the three accused under the Gujarat Protection of Interest of Depositors Act, the Prize Chits and Money Circulation Schemes (Banning) Act and Section 406 of the IPC. 409 for criminal breach of trust by trader, 420 for fraud and 120B for criminal conspiracy.
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