CID seizes accused’s asset in 260 crore Ponzi Scheme case

The CID has started seizing properties owned by Vinay and Bhargavi Shah, prime accused in the Rs 260 crore Ponzi scam, in order to recover money lost by the victims.

As per CID officials, statements of 667 victims have been recorded so far and more will be taken. The officials revealed that the victims have been duped of a total of Rs 6.09 core.

On Wednesday, another 14 victims came forward and gave their statement to the CID officials. 

The list of victims is getting longer every day with more victims coming forward on a daily basis.

In order to recover the money from the Shah couple, the CID has started making a list of their assets that they will be seizing soon. 

The officials will be recovering Rs 10 lakh from Vala, Rs 20 lakh from Vinay Shah, Rs 2.23 crore worth Demat account shares, bank accounts and three apartments.

Another case lodged against the Shahs

The CID lodged a second case on Wednesday against Vinay Shah, Bhargavi Shah and two others for duping people in the name of share market investment under the company Digi Locals. 

As per CID officials, the accused was going to launch a company and around 220 investors were duped of Rs2.23Cr by the accused in the name of investing in the shares of the company.

Ashish Bhatia, DGP, CID (Crime), shared with DNA, “We have started the process of tallying Shah’s properties and assets. 

The list will be prepared for appealing to the court as well.  We have also lodged a second complaint against the accused in another cheating case, where he had duped his investors in the name of share market investments.”

Court rejects Bhargavi’s remand request

On Thursday, Bhargavi Shah was produced before the court by the CID after her six-day remand got over. The CID officials requested for seven more days of remand for Shah, but unfortunately, it rejected by the court. Shah was sent to judicial custody.

Victims will get their money back

CID officials have started the process of seizing properties and assets of the Shahs to recover the fraud money. 

Soon, the victims who have come forward and given their statements to the CID will get a notice from the Sub-Division Magistrate’s office regarding their refund. In 2017, a similar fraud case had come to the fore where the accused had duped several victims. 

The CID later attached the accused’s assets and recovered Rs 10 lakh. 

The money was distributed among the victims in December 2018. 

THE CRIME AND THE PROBE

• CID lodged a second case on Wednesday against Vinay Shah, Bhargavi Shah and two others for duping people by promising them fantastic returns. 
   
• Soon, the victims who have come forward and given their statements to the CID sleuths will get a notice from the Sub-Division Magistrate’s office regarding their refund.