HYIP NewsFebruary 26, 2009 3:56 pm
BHARUCH: Interrogation of three persons arrested for running a dubious website, allegedly of a fake firm, has revealed that more than 2,000
investors of Bharuch were duped of Rs 25 crore. The fraudsters also had links in Malaysia and Singapore to run their illegal business
Last Friday, Bharuch Local Crime Branch (LCB) had arrested three members of a gang, allegedly involved in duping number of investors in Bhrauch, Ankleshwar, Vadodara and Surat. According to the police, accused were promoting a finance business, wherein investors were promised to get double the amount they were investing
in the firm.
Gang members Hemant Patel (31), Harshad Rana (25) and Raviprakash Mahiswari (27), all residents of Bharuch, were running a firm Safe Atom and for attracting investors, they had developed website
www.safeatom.com.
Initially, they had returned several lakh rupees to many investors, but later as their network increased, they stopped payment and updating the website. When some people realised that they were cheated, they approached the police.
During the three days of police remand, they confessed that there was no such firm and their business was fraudulent. Their contacts in Malaysia and other countries helped them with foreign currency and paying initial instalment to investors in foreign currency.
LCB inspector Dilip Agrawat told TOI that Mahul Patel of Bharuch and Urvish Bhatt of Vadodara, the alleged masterminds of this scam, have been declared as "wanted" and efforts are on to nab them.
Police sources said Mahul and Urvish have more than four luxury cars and land on Mumbai-Pune national highway.
"Soon, we will approach the court to seize their property," Agrawat said.
Police have already alerted all airports in the country as absconding kingpins may try to fly abroad,he said. The fraudsters were running another such fake business in Vadodara under the website swissbank.com and key person there was Urvish Bhatt, police sources said.
