The Ahmedabad City Crime Branch has arrested Sujit Shankarrao Dev, who had been on the run for nearly two years in connection with a massive cryptocurrency investment fraud exceeding Rs100 crore.
The arrest took place in Dahisar in Mumbai. Dev, originally from Naroda in Ahmedabad, was wanted by the Dahisar Police Station in connection with multiple offences under Sections 406, 420, 34 and 120(B) of the Indian Penal Code, along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act.
According to investigators, Dev and his associates established a “Crypto Currency Investment” office in Dahisar in 2021. The group allegedly lured residents by promising that their investments in cryptocurrency would generate returns up to four times the original amount.
Many people from Dahisar and surrounding areas reportedly trusted these claims and invested large sums of money. Police say Dev later misappropriated the funds and disappeared, leaving investors without returns.
Authorities believe the accused and his partners defrauded more than 100 victims, causing financial losses worth crores of rupees.
Officials from the Ahmedabad Crime Branch tracked Dev’s movements and eventually arrested him near Sardar Vallabhbhai Patel International Airport in Ahmedabad. Legal proceedings against the accused are currently underway.
Separate E-commerce Fraud Syndicate Busted
In a separate operation on February 9, the Ahmedabad Crime Branch dismantled an interstate criminal syndicate involved in fraud targeting major e-commerce companies such as Flipkart and Amazon.
Police said the gang manipulated supply chains by replacing high-value electronic products with dummy items before delivery, allowing them to illegally profit from the scheme.
Five individuals—Ramlal alias Romil Gahlot, Manoj Kumar Mali, Bharat Kumar Sundesha, Vishal Hasmukhbhai Panchal, and Vishal Kanjibhai Bavri—were arrested during the crackdown.
Police added that two other suspects, Rishipal Bhati and Vinod, are currently absconding, and efforts are underway to trace and apprehend them.
