Wasim Ali Saiyed, a resident of Teachers Society in Juhapura, has been accused of cheating several people, including his own niece, of close to Rs29 lakh.
In a repeat performance, a man who is currently out on bail in connection with a Ponzi scheme is now the main accused in another similar scheme that has just gone bust in the city.
Wasim Ali Saiyed, a resident of Teachers Society in Juhapura, has been accused of cheating several people, including his own niece, of close to Rs29 lakh.
Wasim Ali is out on bail as an accused in the Ponzi scheme that was run by one Moinuddin Saiyed, the son of a constable in crime branch.
In the latest case, one Saiyeda Ansari lodged a complaint with the Navrangpura police on Saturday in which she has accused her uncle, Wasim Ali, and his agent, Sharif Hussain Saiyed, of duping her and her relatives of close to Rs29 lakh. Sharif Hussain Saiyed is a resident of Feroz Birla Society in Juhapura.
The two had opened a company called KSP Investment on Ashram road and had promised investors 15% interest per month.
In her complaint, Saiyeda has said that earlier too her uncle had started an investment business from home and had borrowed Rs80,000 from her and her brother. But as the company did not take off, he had returned the money.
Later, he opened KSP Investment and sought investments from them promising to give Rs15,000 every month for every Rs1 lakh invested.
This time Saiyeda invested R5 lakh and her brother Abid put in Rs3 lakh. The victim's sister, Mehjabeen, gave Rs4 lakh while her uncle and other relatives gave Rs17 lakh.
Interestingly no receipt was given for the any of the investments.
According to the complainant, Wasim Ali had managed to get people to invest in his Ponzi scheme with the help of Sharif whom he had hired as an agent.
Navrangpura police said Wasim had been booked in an earlier Ponzi scheme and was currently out on bail. "We plan to file an appeal against the bail granted to him," the police said.
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