Ahmedabad CID Launches Probe into Rs 29 Lakh Ponzi Scheme
The Crime Investigation Department (CID) in Ahmedabad has registered a formal complaint and initiated a thorough investigation into an alleged Ponzi scheme that has defrauded multiple investors of approximately Rs 29 lakh. The scheme, which operated under the guise of a stock market venture, lured victims with promises of unusually high monthly returns of up to 35%, leading to significant financial losses.
Complaint Filed by Homemaker from Dariapur
A 30-year-old homemaker from Dariapur filed a complaint on Tuesday, detailing how a 40-year-old man from Ellisbridge deceived her and her acquaintances. The accused allegedly advertised job opportunities initially, but when the complainant visited his office in a commercial complex near HK College on Ashram Road, she declined due to timing issues. He then persuaded her to invest money instead, offering guaranteed monthly returns ranging from 25% to 35%.
To build trust, the accused provided post-dated cheques and written guarantees on his firm's letterhead as security. In May 2024, the homemaker transferred Rs 45,000 to his bank account and received Rs 15,750 in cash as returns a month later, which encouraged her to invest further. Over time, she invested a total of Rs 8.7 lakh in phases, but only Rs 52,000 was returned, leaving Rs 8.2 lakh unpaid.
Scheme Lured Multiple Investors with False Promises
The accused allegedly urged the complainant to recruit her relatives to invest, and several others fell victim, with investments ranging from Rs 1.5 lakh to over Rs 21 lakh made through bank transfers and cash. While some initial payments were made to maintain credibility, large sums remained unpaid. In total, investors claim that Rs 29 lakh has not been returned, highlighting the scale of the fraud.
Police reports indicate that the accused shut down his office and became unreachable after collecting substantial funds, leaving investors in financial distress. CID officials are now examining bank transactions and the security cheques issued to investors to trace the flow of money and gather evidence for legal action.
CID Steps In to Uncover Financial Fraud
This case underscores the risks associated with high-return investment schemes that often turn out to be Ponzi schemes. The CID's involvement aims to bring the perpetrators to justice and recover the lost funds for the victims. Authorities are urging the public to exercise caution and verify the legitimacy of investment opportunities before committing funds.
The investigation is ongoing, with officials focusing on digital footprints and financial records to build a strong case against the accused. This incident serves as a stark reminder of the importance of due diligence in financial matters to avoid falling prey to such scams.
