The Detection of Crime Branch (DCB) in Vadodara has successfully apprehended two individuals accused of orchestrating a sophisticated financial fraud, cheating a local resident of nearly Rs 5 crore. The accused allegedly lured the victim with promises of discounted gold and a massive bank loan.
The Modus Operandi of the Fraud
According to police officials, the arrested individuals have been identified as Bhavesh Parmar and Nayna Mahida. They operated from offices of finance firms situated in commercial complexes on Old Padra Road. The duo reportedly convinced the complainant that they had the means to procure gold at rates significantly lower than the prevailing market price.
Trusting their claims, the victim handed over a staggering sum of Rs 4.61 crore to the accused earlier this year. However, the promised gold was never delivered, and the money was not returned. In a parallel scheme, the complainant was also promised a bank loan of Rs 10 crore. In connection with this offer, another accused, Vishal Barad, who is said to be associated with Nayna Mahida, allegedly took an advance of Rs 31 lakh from the victim.
Arrests and Gang Connections
Police acted on specific intelligence to track down and arrest Parmar and Mahida. "While searching for the accused, we received specific information about Parmar and Mahida, following which they were apprehended," stated the police. Further investigation into the network revealed that one of the gang members, Ilyas Ajmeri, is a known history-sheeter with a criminal record.
The DCB has secured a two-day police remand for both arrested accused. During this period, investigators will interrogate them intensively to uncover the full extent of the scam and trace other members of the gang. Authorities strongly suspect that this group may have defrauded several other victims using similar deceptive tactics.
Ongoing Investigation and Public Advisory
The case highlights the risks associated with too-good-to-be-true financial offers. The police are now delving deeper into the financial trails and connections of the accused. The public is advised to exercise extreme caution and conduct thorough due diligence before engaging in large financial transactions, especially those involving promises of heavy discounts or preferential access to loans.
This arrest by the Vadodara DCB marks a significant step in cracking down on organized financial crimes in the city, sending a clear message to fraudsters operating under the guise of legitimate finance businesses.
