Gujarat Ponzi scamster held, says he was hiding in Shirdi

In a major breakthrough in its ongoing investigations into Ponzi schemes, the detection of crime branch (DCB) on Wednesday arrested Haresh Panchal, the promoter of Shraddha Saburi Consultancy.

Panchal was arrested at 7:15 pm from Gota circle in the city. Sources in the police said that all this while the absconding Ponzi operator had been hiding at Shridi in Maharashtra.

This is the second major arrest in connection with the Ponzi schemes being investigated by the DCB. Imtiyaz Saiyed, promoter of Imtsons Ltd, was the first to be picked up.

Panchal had his office in Tilakraj complex on CG Road and was absconding for the last few days. “So far, three complaints have been filed against Panchal,” said DD Damor, police inspector with the DCB.

Sources close to the development said that Panchal had allegedly carried out a scam of around Rs100 crore. He has, however, also shown losses in his business.  Around 3000 people had reportedly invested in Panchal’s schemes. The Ponzi operator had several agents who worked in different areas of the city.

Official sources in the DCB said that of the total number of investors who had put money in his schemes, between 400 and 450 investors had put in around Rs7-8 crore.

Panchal had been hiding at different places in Gujarat and Maharashtra but he told the police that he was hiding in Shirdi ever since he went underground. 

“My Sai will save me because I have not done anything wrong. I have suffered losses in my business,” Panchal reportedly told the police.