Gujarat: Duo held for ‘swindling’ 40 investors of crores

Pramod Nanava Patwa (48) and Agam Pramod Nanava Patwa, residents of South Bopal in Ahmedabad, were arrested after being booked for criminal breach of trust on the basis of a complaint that they had cheated the complainant and 39 other investors.

According to a statement from the CID Crime Saturday, the accused persons had told the 40 investors that their Deltaline proprietorship firm had entered into an agreement with two companies – AC Agrawal and IRIE Consultancy – run by Ajmera Securities. They told these investors that they had received franchise from both well-known trading firms. Further, they allegedly assured the investors that they would get 8% to 15% profit if they open pro-accounts for MTF trading with Deltaline, said officials.

Based on their trust in the companies, the complainant and others deposited a total of Rs 24.16 crore in a private bank account of Deltaline firm on various dates between March 2023 and December 2023.

However, the complainant and others later realised that these deposits had not been transferred to AC Agrawal and Ajmera Securities, and the father-son duo, instead, allegedly transferred these amounts into several other bank accounts. The amount was not given back to the depositors.

When the depositors went to meet them, the office and house were both found closed, after which they filed a complaint with CID Crime.