In a significant breakthrough, Ahmedabad police have arrested three individuals, including a husband and wife duo, for defrauding investors of Rs1.61 crore through a fraudulent investment scheme under the name Amstrade Capital. The couple, Amit Prajapati and his wife Sandhya, along with an associate, Nilesh Prajapati, promised investors a guaranteed 4% monthly return.
The scheme, which operated from offices in Ahmedabad’s Naroda and Bapunagar areas, attracted numerous investors. According to a complaint filed by Sujalbhai Sonlanki, a local lawyer, the fraudsters set up the fake company with the intention of deceiving the public. Sonlanki’s complaint to the Economic Offenses Wing of the Ahmedabad Crime Branch revealed that the accused had collected large sums of money from investors through false promises of guaranteed returns.
During the investigation, the police uncovered 166 contracts signed by investors, revealing investments running into crores of rupees. The investigation led to the arrest of the accused, and the police also seized Rs2.38 lakh in cash during a raid at Coral Bungalows in Chiloda. Preliminary findings suggest that the scam may have involved several crores of rupees, affecting a significant number of victims.
The authorities have now urged victims of the Amstrade Capital scam to come forward and report their cases to assist with further investigations.
