Ahemdabad builder loses Rs1.75 crore to Ponzi scamsters

A builder from Ahmedabad lost Rs1.75 crore to a Mumbai based gang that offered lucrative returns through their Ponzi scheme.

In his complaint to Ellisbridge police on April 19, Atul Shah, a builder, alleged that three residents of Mumbai made him invest Rs2 cr in their Ponzi scheme and then fled after paying only Rs25 lakh.

Shah, a resident of Amra Shirish Bungalow near Prahladnagar Garden, had gone to Mumbai a few months back for some work.

During his visit, Shah came in contact with Razia Khan Karim, Purnima Singh and his boyfriend Raman Nair, all residents of Andheri West, who convinced Shah to invest in their financial scheme and get 10% returns every month.

Initially, Shah gave them Rs15L for which he got 10% interest. Later, Shah gave them Rs25L, for which the 3 gave him a high return along with the full amount in time.

Meanwhile, the crooks visited city a few months back and arranged a meeting with Shah at Royal Orchid Hotel in Ellisbridge.

Shah was by now convinced of their lucrative scheme and gave them Rs2 crore. According to Shah, the fraudsters returned him Rs25lakh, but disappeared with the remaining money -Rs1.75 crore. After this, the trio couldn't be traced. Ellisbridge police have registered Shah's complaint and have begun search for the trio.