Ponzi schemes in Gujarat: Why is nobody complaining?

Six months back the talk was that there are more than 20 Ponzi schemes operating in Ahmedabad. Now, gradually and one by one, the operators are going on the run.

If agents of the Ponzi operators are to be believed, in all the 20 to 30 Ponzi operators must have gathered up to Rs800 crore from some 30,000 investors across Gujarat. What an irony that of the guestimate 30,000 investors who have lost their money in such schemes, not a single one is ready to file a police complaint!

In the last week of April, Abhay Gandhi fled with up to Rs500 crore of hard earned money of more than 10,000 investors. With the impact of Gandhi missing, the investors in similar schemes started demanding their money back. As a result, other operators had to discontinue the rotation of the money and also stopped taking fresh investments.

The case of Gandhi then shook Imtiyaz Saiyed. Almost all the 12,000 investors who have put their cash in Imtsons Investments want their money back. As claimed by Saiyed, Imtsons is looking for investment from HNIs through which he will return Rs85 crore to 12,000 investors. So far, Saiyed has not run away and has given commitment to investors of returning their money by the end of August, 2011.

Shraddha Saburi Consultancy, led by Haresh Panchal and Kumud Panchal has also cheated around 3,000 investors. The Panchals are believed to have fled with Rs30 crore. But, not a single investor, after being cheated by this Ponzi operator, is willing to file any police complaint.