Ishrat case accused cop is a Ponzi scheme operator

The Ponzi scamsters are either behind bars or absconding, but the operators of three of them -- Aelia Enterprises, Golden Trio and Sums -- are still free. However, an assistant sub-inspector with the crime branch, Nizam Saiyed, who is allegedly the kingpin behind the Ponzi rackets run by Aelia Enterprises, Golden Trio and Sums, has now finally been made accused in the Ponzi schemes.

Saiyed, who has been in the crime branch for more than a decade and is also accused in the Ishrat encounter case, is accused of minting crores of rupees from various Ponzi schemes. Saiyed's three sons, Qutbuddin Saiyed alias Raja, Moin Saiyed and Parvez Saiyed, were operating Ponzi schemes under the brand names of Aelia Enterprises, Golden Trio and Sums. Under these schemes, they were offering 'Ek ka teen' (get 200% return on investment.

Along with others, a victim of Aelia Enterprises, Arif Shaikh, has named Nizam Saiyed and its three directors, Qutbuddin Saiyed alias Raja, Mohammedsoel Divan and Asaraf Pathan in the FIR in Gaikwad Haveli police station. But for the past one month, police have not mentioned Nizam Sayied's name in the FIR.

After several presentations to senior cops, opposition leaders and even to the chief minister, Nizam Saiyed has now been made accused in the Ponzi scheme run by Aelia Enterprises, Golden Trio and Sums in Ahmedabad and many other cities and towns of Gujarat.

"Around eleven months back, I invested Rs20.90 lakh in Aelia Enterprises. After the cheque of Rs25 lakh against my investment bounced, Nizam Saiyed and his three sons promised they would give me the promised amount six months back. However, they never came back," said the victim and complainant, Arif Shaikh.

About one month back, Nizam Saiyed offered Shaikh real estate worth between Rs5 and Rs8 lakh, and asked him to settle the issue against an investment of Rs20.90 lakh, claims Shaikh. "I am firm on taking my money back. I want at least my principal amount and so I denied his offer. In reply, he threatened me and said that he would not give my money," said Shaikh.

Now, after several meetings with senior cops including joint commissioner and director general of police in a bid to include Nizam Saiyed's name in the FIR, Shaikh has succeeded in his endeavour.

"I am aware of 'Ek ka teen', in which the complainant has alleged that even the ASI at crime branch, Nizam Saiyed, is accused but his name was not mentioned in the FIR. Now, I have asked JCP sector 1, Ajay Tomar to mention the name of Saiyed as accused in the FIR. Now it is up to the court to take a decision whether he is accused or not. Tomar, in reply, said that Saiyed has been made accused in the FIR," said Chitranjan Singh, director general of police.

Ajay Tomar, joint commissioner police, sector 1 said, "As per the DGP's order, I have ordered legal action be taken against Nizam Saiyed."

Shaikh also met opposition leader Shaktisinh Gohil in the Gujarat state assembly and requested him to help him by asking the police to take legal action against the accused. Gohil said that he was aware of the case. "In this case, I have urged the chief minister's office to take some action against Nizam Saiyed. But as of now, nothing has been done," he added.

Despite the order from senior police officials, the Gaikwad police station is still reluctant to move in this regard. The police station is unwilling to make Nizam Saiyed an accused in the Ponzi scheme. NS Desai, police inspector, at Gaikwad Haveli, said, "We have received a complaint from the victim, Arif Shaikh who has alleged that Nizam Saiyed is accused in the Ponzi scheme of 'Ek ka teen'. So far we have not received any evidence and proof of Saiyed's involvement in it. Hence, we have not mentioned his name in the FIR."