Bengaluru Man Apprehended After 15 Years on the Run in Multi-Crore Fraud Case
In a significant breakthrough, the Ullal police station in Mangaluru has arrested an accused who had been evading arrest for a staggering 15 years in connection with multiple fraud cases. The arrest was made on Friday, bringing an end to a long-standing manhunt for the individual involved in a sophisticated financial scam.
Details of the Fraudulent Scheme
The accused, identified as Ajay Prasad G, a 41-year-old resident of Upkar Layout, Vishwaneedam, Bengaluru, was the mastermind behind a fraudulent operation that duped victims of approximately Rs 1.2 crore. He operated through an organization named Nano Forex India, which promised unsuspecting investors exorbitant returns through currency trading and stock transactions.
According to police reports, Prasad lured people with the assurance of monthly profits as high as 40%, along with a 20% refund guarantee. He used forex trading and stock transactions, promoted through what he called Forex Robot Software, to gain the trust of his targets. To further legitimize his scheme, he provided ID cards and other official-looking documents, and even offered the use of Prorex Robot Software, creating an illusion of a legitimate investment platform.
Modus Operandi and Financial Impact
By leveraging these tactics, the accused managed to collect around Rs 1.2 crore from various customers across the region. However, instead of investing the funds as promised, he misused the money entirely, failing to provide any profits or refunds to the investors. This blatant misuse of funds led to significant financial losses for the victims, who had placed their trust in his deceptive promises.
In response to the complaints filed by the defrauded individuals, the Ullal police station registered three separate cases against Prasad in 2011. These cases detailed the fraudulent activities and the substantial financial damages incurred by the victims.
Long Evasion and Recent Arrest
For approximately 15 years, Prasad successfully evaded law enforcement by hiding and avoiding court appearances, making him a fugitive from justice. His ability to remain at large for such an extended period highlighted the challenges faced by authorities in tracking down financial criminals.
On Friday, a dedicated team from the Ullal police station finally tracked him down in Bengaluru. After his apprehension, he was presented before a court in Mangaluru. The court, upon reviewing the case details, ordered judicial custody for the accused, ensuring he will face legal proceedings for his alleged crimes.
Implications and Legal Proceedings
This arrest marks a crucial step in addressing financial fraud in the region and serves as a warning to others involved in similar illicit activities. The Ullal police have emphasized their commitment to pursuing such cases diligently, regardless of the time elapsed. The judicial custody order paves the way for a thorough investigation and potential trial, where Prasad will have to answer for the charges of fraud and evasion.
The case underscores the importance of vigilance among investors and the need for robust regulatory measures to prevent such scams. As the legal process unfolds, authorities hope to recover some of the lost funds and provide justice to the affected individuals.
