AHMEDABAD: A team of CID (crime) on Friday caught Vinay Shah — an accused in Rs 260 crore ponzi scheme fraud — from Delhi, said officers on Saturday.
According to an official statement released by the CID (crime), the cops got an input that Shah, a resident of Paldi who allegedly cheated thousands of people in the garb of doubling their investment, was landing at Delhi airport.
Acting on the input, the cops reached there, caught Shah and brought him to Ahmedabad.
His scam surfaced when the first FIR was filed on November 12, 2018 with Vastrapur police of the city accusing Shah and his wife Bhargavi of fraud by making false promises to double money invested in their firm, Archercare, a multi-level marketing business based in Thaltej.
Later, two more FIRs were filed with Vastrapur police and one each was lodged with CID (crime) of Ahmedabad zone and Nikol police for cheating and breach of trust along with charges of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
A note written by Shah had also then gone viral on social media, in which he accused a senior police officer and certain individuals of blackmailing him and extorting money in exchange for covering up the alleged scam.
More than 250 people had invested money ranging from Rs 4,500 to Rs 1 lakh with the Shahs and were allegedly cheated by the couple. The total value of the scam could breach the Rs 260-crore mark.
After charges of cheating levelled against him, he fled from the country and was first caught in Pokhra of Nepal by a Nepalese security agency.
Shah was caught with a female friend and cops seized foreign currencies worth Rs 43 lakh.
After CID (crime) took over the investigation, his bank accounts in Gujarat were seized, said a police officer.
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