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Data entry ponzi scamster held for duping investors of Rs 50 cr: Police

According to police, the accused Rahul Vaghela, a Nadiad resident, was arrested by a team of Local Crime Branch (LCB) of Banaskantha Police from Dhanera border taluka Sunday night when he was allegedly trying to flee to Rajasthan.

By: Express News Service | Ahmedabad |
May 24, 2022 5:12:57 am
ponzi scam, ponzi scamster held, Ahmedabad, Ahmedabad news, Gujarat, Gujarat news, Indian Express, India news, current affairs, Indian Express News Service, Express News Service, Express News, Indian Express India NewsNadiad Police said preliminary investigation has revealed that Vaghela took small sums of money from over 22,000 investors to the tune of Rs 50 crore after which the accused fled with their money.

An owner of two Nadiad-based technology firms has been arrested for allegedly duping over 20,000 investors across the state to the tune of over Rs 50 crore through a dubious “data entry investment” scheme.

According to police, the accused Rahul Vaghela, a Nadiad resident, was arrested by a team of Local Crime Branch (LCB) of Banaskantha Police from Dhanera border taluka Sunday night when he was allegedly trying to flee to Rajasthan.

Vaghela, the owner of Master Digital and Master Solution Technology Private Limited companies in Nadiad, has been accused of duping the investors by luring them to invest sums of money in the two companies in exchange of higher returns over a data entry job scheme in the past one year.

Nadiad Police said preliminary investigation has revealed that Vaghela took small sums of money from over 22,000 investors to the tune of Rs 50 crore after which the accused fled with their money.

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According to victims of the ponzi scheme, Vaghela’s companies offered higher returns on investment in the guise of a data entry job.

“In July 2021, I got to know that there is a company in Nadiad that is offering a data entry job to earn money on investment. The rule was that there should be a minimum investment of Rs 15,000 after which you are given a data entry job in which every day you have to do 200 data entries with Re 1 as reward on each entry. The maximum limit for daily data entry for a maximum investment of Rs 1 lakh was 1,200,” said Dikshu Desai, a victim from Nadiad.

“We were told that by bringing other investors on board, we will also get a 10 per cent commission. There was another rule that the money will start displaying in our bank accounts only after 45 days. I invested Rs 90,000 and my brother Rs 75,000, and we used to do data entry every day hoping that after some time, the money would start showing in our accounts. However, till date, we have not received any money from the companies,” added Desai.

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Vaghela and his two employees have been booked in an FIR under IPC sections 406 for criminal breach of trust, 120b for criminal conspiracy, and sections of the Gujarat Protection of Interest of Depositors (Financial Establishment) Act. The FIR was lodged after over 300 victims stormed the company premises of Vaghela at Dabhan demanding their investments be returned.

“The accused was on his way to Rajasthan when an LCB team apprehended him from the Dhanera checkpost along the Gujarat-Rajasthan border Sunday night. He has been handed over to the Nadiad Rural police team for further investigation,” said a senior official of LCB.

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