Depositors allege the scamster has cautioned investors against filing police complaints.
The three sons of the Ishrat case cop who is also accused as a Ponzi operator, Nizam Saiyed, along with two other directors are absconding. The father of the trio, on the basis of his 'strength' of being in the police force, Nizam has threatened his investors if they file a complaint against the Saiyed family for not returning their money.
Many victims of Ponzi schemes run under the names of Aelia Enterprises, Golden Trio and Sums are now ready to 'forget' their money as they are afraid of getting into police hassles. "I invested around Rs5 lakh in Aelia Enterprises in December 2010. At that time, Nizam told me that being in the crime branch, nothing would happen to his sons' companies as well as to the scheme. He also assured them of 200% returns in six months. But now, he has told me to keep mum or else I will get into trouble. So I have decided to forget my money," said one of the investors on the condition of anonymity.
The three sons of Nizam, Qutbuddin Saiyed alias Raja who is a director of Aelia Enterprises, Moin Saiyed and Parvez Saiyed, along with two other directors of the company, Mohammedsoel Divan and Asaraf Pathan, are absconding for more than two months.
According to investors, there are chances of Raja running away to Dubai. "A year back, when Raja was operating the scheme, every fortnight he was missing from his office. When we asked to Nizam about Raja, his father used to say that he has gone to Dubai. Later it was found that Raja was a frequent flier to Dubai. So, now we assume that there are chances of Raja and his team hiding in Dubai," said another investor who has put in more than Rs2 lakh in Sums.
As of now only two complaints are filed against Nizam Saiyed and his family for running Ponzi schemes. "The two directors and three sons of Nizam Saiyed are absconding for a couple of months. We have been looking for them. As per complaints, even Nizam Saiyed's name is mentioned as accused. But as of now we have not received a single evidence against him so we have not taken any action against Nizam," said NS Desai, police inspector, Gaikwad Haveli police station.
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