Ponzi victims throng Ahmedabad police commissioner's office

There seems to be no end to people getting duped through Ponzi schemes. On Thursday a group of 20 people thronged city police commissioner's office demanding police action in yet another Ponzi scam (money-multiplying) in which they alleged loss of over Rs20 crore.

The scamster in this case is said to have floated an investment company registered in the name of ministry of corporate affairs. However, like in all other cases, after collecting money fraudulently for nearly a year, the officials of the company vanished from the face of the earth together with the booty they looted.

According to a victim from Behrampura, Anwar Shaikh, the company identified as Nimbles Investment Pvt Ltd was floated on July 2010 by one Mehboob Chipa. Shaikh said that he knew Chipa for more than six years when the latter worked for Shaikh's company.

"Last year I met Chipa who by then had started his investment company located at CG Road. He persuaded me to invest in his company on which, he promised to give 25% interest. Initially, I was reluctant but later I was convinced and deposited Rs30 lakh. He gave me Rs4 lakh after three months as interest, but after that I didn't receive even a single penny from him," Shaikh said.

Shaikh also accused several other people who had allegedly assisted Chipa escape with his as well as hundreds of other investors' money totalling over Rs20 crore.

Another victim Munaf Shaikh, a resident of Shahpur, said that he along with his relatives and friends invested Rs60 lakh in the scheme. On the other hand, the police commissioner Sudhir Sinha assured the victims to take police action in the matter.