Is it the beginning of bursting of Ponzi schemes which have been thriving in Ahmedabad for the past couple of years? In an incident which has left thousands of investors clueless about the fate of their investment in a double-your-money-in-three-months scheme, the promoter of one AISE Capital has reportedly gone underground amassing over Rs500 crore from mainly Ahmedabad-based investors.

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AISE Capital was floated by Abhay Gandhi about a year back. He promised — and also paid to at least some — double the amount they invested in three months flat. The scheme was enticing for many gullible people.

Besides, Gandhi also gave up to 25% commission to the agents who brought business for him.

On Monday, DNA found its two offices at Sunrise Mall near Mansi Complex at Bodakdev closed, while the two other offices — one at Nehrunagar and Anandnagar —  partially open but with no staffer. According to some agents of AISE Capital, Gandhi has gone underground since Saturday.  “He has probably gone away to Bangkok with Rs500 crore to Rs700 crore,” said an agent on condition of anonymity.

Gandhi’s main office at Sunrise Mall was found closed on Monday. In the same building, he ran an institute called ‘Abhay Gandhi Institute’ to train people in equity and commodity trading but it was also found locked. His four-storeyed office buildings at Nehrunagar and Anandnagar were partially open - while the ground floor offices were open, the other floors were found locked.

On Friday, Gandhi had organised a seminar for investors and agents at Bhaikaka Bhavan, where he distributed gifts worth of Rs1,000 to each participant. But, interestingly, the entry fee for the seminar was Rs1,350 and the hall was filled to capacity with more than 500 people in attendance.

Police said they cannot take any action unless an FIR is filed. “I have not come across any such incident as yet. Unless an FIR is filed, we cannot take any action,’’ said ACP (A Division) PC Joshi. An investor afraid of being identified said: “I, along with two of my friends, have invested around Rs5.5 lakh in the scheme. Now we don’t know whether the news of his fleeing the country is true, but we will wait before taking any action.”