Rs 260 crore ponzi scam probe goes to CID

AHMEDABAD: A high-voltage drama was witnessed when the state home department handed over the probe of the alleged Rs 260-crore ponzi scam to CID (crime) within hours of a special investigation team (SIT) formed by the city police commissioner being dissolved.
Earlier on Wednesday, the SIT headed by joint commissioner of police, Sector 1, Amit Vishwakarma, was formed which included DCP crime Deepan Bhadran, DCP Zone- 1 — Jaypalsinh Rathod and ACP crime C N Rajput by the city police chief A K Singh.
A couple of hours later, the probe was snatched from the SIT and handed over to the CID (crime) raising eyebrows. Minister of State (MoS), home, Pradipsinh Jadeja on Wednesday evening announced that another SIT headed by DGP, CID (crime) Ashish Bhatia will be formed to investigate all FIRs related to the scam.
The scam came to surface after the first FIR was filed on Monday accusing a Paldi-based couple, Vinay Shah and Bhargavi Shah, of fraud conducted with the promise of doubling money invested in a multi-level marketing business.
As of now, five FIRs have been filed which include three in Vastrapur and one each in Naranpura and Nikol police stations. Apart from the official FIRs, there are over 250 persons, who had invested money ranging from Rs 4,500 to Rs 1 lakh, and were allegedly cheated by the couple. The total amount of the scam may cross Rs 260 crore, said police officials.
With the promise of doubling their investments, the couple lured people to invest in their firm, Archercare, which was run from an office in Thaltej. The couple then allegedly fled India. Vinay Shah also left a note accusing a senior police official and some individuals of blackmailing him and extorting him to cover up the alleged scam.
“The role of senior police officers and other persons named in the alleged note made viral by Vinay Shah will also be probed. However, the police officers and other persons who have been named in the alleged note will shortly be lodging defamation suits against the accused,” said Pradipsinh Jadeja, MoS home.
Meanwhile, police have sealed the offices of the company at Thaltej and CG Road and started scanning their computers and record books for evidence and to ascertain the exact figure of the scam.
“The CID crime team, which will probe the scam, will be headed by a police officer of the rank of DIG with officers of the rank of SP and DSP included in it,” Jadeja said.
“Gujarat Protection of Interest of Depositors (in Financial establishments) Act 2003 will be invoked to attach the property of the accused and to compensate the investors,” he added.
The Shah couple had convinced many persons promising double returns on their investment in 14 months if they clicked on the advertisements posted on the company’s website.
When around 15 to 20 people did not receive any money from the company, they went to the couple’s office in Thaltej and found it closed, realizing that they had been cheated.