Maharashtra Techie Arrested for Defrauding Investors of Crores at Ahmedabad Airport

Ahmedabad: A 47-year-old software professional accused of defrauding over 100 Mumbai residents of crores of rupees through a fake investment scheme was arrested at the Ahmedabad airport after allegedly being on the run for more than two years, police said on Tuesday.

The accused, identified as Sushant Shankarrao Dev, a software developer, is named in a case registered at the Dahisar police station in Mumbai under various sections, including 406 (breach of trust), 420 (cheating), and 120(B) (criminal conspiracy) of the Indian Penal Code, along with sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, which deal with fraudulent financial establishments and penalties for cheating depositors, said officers.

According to the police, Dev had been absconding since 2021. He is a native of Satara district in Maharashtra and was residing in the Naroda area of Ahmedabad before his arrest, officers said. “Dev and his associates had started an office in Dahisar in 2021, dealing in cryptocurrency. They allegedly targeted residents of Dahisar and nearby areas, offering returns of four times the investment in the scheme. Several people invested money after being assured of high profits,” said a police officer.

The police have been investigating the case for over two years, and the arrest of Dev is a significant breakthrough. The scheme promised investors high returns on their investments, which attracted many gullible individuals. The fraudulent activities came to light when several investors failed to receive the promised returns and reported the matter to the authorities.

Dev's arrest is expected to bring some relief to the victims who have been struggling to recover their lost funds. The police are now focusing on tracing the other associates involved in the scam and recovering the money that was defrauded. They are urging any other victims who have not yet come forward to report the incident to the Dahisar police station.

The case highlights the growing trend of financial frauds in the digital age, where unsuspecting individuals are often lured by the promise of high returns on investments. Authorities are stepping up their efforts to combat such scams and educate the public about the risks associated with such schemes.

The Maharashtra Protection of Interest of Depositors Act is a crucial piece of legislation that aims to protect the interests of depositors and penalize fraudulent financial establishments. The act provides stringent penalties for those found guilty of cheating depositors, which can include imprisonment and heavy fines.

As the investigation continues, the police are working to ensure that justice is served and that the victims receive the compensation they deserve. The arrest of Sushant Shankarrao Dev is a step in the right direction and sends a strong message to potential fraudsters that the law will catch up with them, no matter how long it takes.