Synopsis
Ahmedabad Police have arrested a con artist who defrauded investors of Rs 24 lakh by promising a 25% return. The scam operated under the guise of an investment firm, Fincap-24, luring relatives and friends. Investigations reveal a growing trend of financial fraud in Gujarat, prompting authorities to intensify their efforts against such crimes.Key Takeaways
- A con artist promised 25% returns to investors.
- Victims lost over Rs 24 lakh.
- The fraud was run under the name Fincap-24.
- Authorities are intensifying efforts against financial fraud.
- Gujarat has seen a significant rise in fraud cases.
Ahmedabad, March 10 (NationPress) The Ahmedabad Police have unveiled a case of financial deception, in which an individual misled his own family, friends, and acquaintances to invest in his business, promising high returns.
After receiving multiple complaints, law enforcement apprehended the suspect and commenced an investigation into the prolonged scam masquerading as investment schemes.
According to a report filed at Vadaj Police Station, the suspect, Dennis Makwana, had been running an office named Fincap-24 at Arved Plaza in the Ranip locality for over a year and a half.
He persuaded his close relatives and friends to invest in his firm, assuring them of lucrative returns. However, despite a significant passage of time, neither the promised returns nor the principal amount was refunded, resulting in financial setbacks for the investors.
Following a series of complaints, the police detained Makwana, and initial questioning provided crucial insights into the fraudulent activities. Investigations revealed that Dennis Makwana, the owner of Fincap-24, crafted investment schemes to draw funds from relatives and acquaintances.
He utilized WhatsApp messages and promotional posters to advertise appealing offers, such as a 25% return within six months and the potential to double investments in 40 months. Initially, he disbursed small returns to build trust among investors but eventually halted all payouts, including the principal sum. To date, the suspect has reportedly defrauded at least three to four individuals, accumulating over Rs 24 lakh.
The Ahmedabad Police have launched a comprehensive investigation to determine the full scope of the fraud and to identify additional victims. Gujarat has witnessed a notable increase in financial fraud incidents in recent years, indicating a troubling trend in cyber and banking-related crimes.
During the financial year 2023-24, the state reported 1,349 cases of banking fraud tied to credit and debit cards, as well as internet banking transactions, representing a staggering 469% increase from the 247 cases documented in 2022-23.
This surge resulted in financial losses totaling Rs 49.92 crore, a significant rise from the Rs 9.87 crore lost in the previous fiscal year. The prevalence of cyber fraud is equally concerning.
Between January 1 and December 15, 2024, residents of Gujarat lost around Rs 1,288 crore to online fraud, highlighting the state's susceptibility to cybercriminal activities. This timeframe recorded an average of 333 cyber fraud cases daily, equating to over 13 incidents every hour.
In light of these challenges, Gujarat authorities have stepped up efforts to combat financial fraud. The state's police have successfully frozen Rs 285.12 crore in various bank accounts associated with fraudulent schemes, with Rs 108.08 crore already returned to victims.
