January 19, 2022 11:59:49 pm
Ahmedabad Detection of Crime Branch Wednesday arrested two owners of a finance company in Ahmedabad for allegedly duping 495 people of Rs 2.78 crore through various ponzi schemes in a span of three years.
According to police, Mahesh Bhadra, his son Chirag Bhadra and wife Mamata Bhadra, residents of Nava Naroda in Ahmedabad who are owners of Anand Enterprises finance company, have been booked in an FIR at Detection of Crime Branch (DCB) police station in Ahmedabad for fraud.
“We have arrested 29-year-old Chirag and her mother Mamata while Mahesh is still at large,” said a senior police official at Ahmedabad DCB.
Police said that the main accused Mahesh ran several ponzi schemes in which people were encouraged to deposit a monthly installment amount as a ticket to participate in a lucky draw or to avail insurance cover.
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According to police, the accused encouraged people to become “agents” for his company and through a pyramid style ponzi scheme, attract investments in exchange for commission.
A total of 18 agents deposited Rs 2.78 crore to Anand Enterprises from 2018 to 2021, however, no one received money, as per the victims in this case.
The complainant in this case, Fenil Rathod, is one of the agents of Anand Enterprises who had initially worked as a pantry staff for the company.
“I contacted 34 persons and deposited Rs 20.5 lakh in a span of three years in one of the schemes where each monthly investment was Rs 1600 per person. However, neither any lucky draw winner was announced nor did the investors’ money was refunded as per the rules of the company,” said Rathod in his complaint.
Taking cognizance, police booked the three accused under sections of the Gujarat Protection of Interest of the Depositors Act, The Prize Chits And Money Circulation Schemes (Banning) Act and IPC sections 406 for criminal breach of trust. 409 for criminal breach of trust by merchant, 420 for fraud and 120b for criminal conspiracy.
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