Ahmedabad's biggest Ponzi scamster, Abhay Gandhi is still far away from cops' dragnet, though his younger brother couldn't be so lucky on Saturday.
Ahmedabad's biggest Ponzi scamster, Abhay Gandhi is still far away from cops' dragnet, though his younger brother couldn't be so lucky on Saturday.
Paras Gandhi, younger brother of Abhay Gandhi and son of Shrenik Gandhi was equally responsible for the fraud as the director in AISE Capital Management was caught by police on Saturday at around 7 pm.
Paras, 24, was caught with Rs2.40 lakh cash by the crime branch at Narol crossroads in Ahmedabad when he was coming to Ahmedabad from Vadodara in a black Maruti Swift car.
Along with cash, Paras was also carrying three mobile phones and a laptop, said police inspector, Detection Crime Branch, Satish M Chaudhary.
"Till now he was absconding and took shelter in Delhi, Rajasthan and Maharashtra. He was also involved in financial transactions of Abhay Gandhi's AISE Capital Management," he said.
Paras used to come to Ahmedabad very often to meet his friend.
"But this time we caught him," Chaudhary said and added that now the possibility of catching Abhay Gandhi has become even easier.
A resident of Maniratna Apartments in Lavanya Society near Jivraj Mehta Hospital, Paras was also running a printing press near Pritam Nagar in Paldi.
Since the time Abhay went underground from April 25, 2011, the printing press had also shutdown.
On April 25, when the staff members of AISE Capital Management announced that Abhay Gandhi is missing, Paras was in Ahmedabad.
At that time, when DNA contacted him, Paras said, "Abhay might have gone to either Delhi or Mumbai and will return in day or two. The investors, agents and media have unnecessarily pushed the panic button."
Three months back, when AISE Capital was closed and Abhay was not reachable, Paras was still adamant and said that there was nothing to worry.
"Every Sunday we have lunch together. This time, he is out since Saturday evening but I am sure he will return in day or two," he reiterated.
If agents and investors are to be believed, Abhay Gandhi has fled away with Rs500 crore to Rs1,000 crore amassed fraudulently through a Ponzi scheme.
So far, many Ponzi schemes in city have gone bust and and the long arms of law have caught up with the scam operators.
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