A major investment fraud scheme orchestrated by Vicky Ahuja, believed to be in Malaysia, has been busted by Bengaluru police. The gang targeted victims with promises of doubling their money within just 24 hours, operating under a fictitious company named “MEDB Capital Berhad.”
The arrested individuals include Shyam Thomas (59) and Josh M Kuruvilla (62) from Kerala, as well as Vijay Vaman (45), Jaffar Saadiq (39), Amith Mahesh Gidwani (49), and Jeen Kamal (45) from Bengaluru’s JP Nagar. Despite these arrests, several accomplices, including the mastermind Vicky Ahuja, remain at large.
The scheme involved setting up small offices to lure unsuspecting investors. One of the victims, Naveen J (34), a contractor from West Bengaluru, was introduced to the fraudulent investment plan through a mutual acquaintance. After several meetings, Naveen was convinced to invest Rs2 crore.
On December 11, Naveen handed over the cash to the gang at their temporary office in Cubbonpet. Initially, he received Rs10,000 as a transfer to his account, but the promised returns never materialized. When Naveen asked about the delay, the fraudsters claimed they needed to deposit the cash for safekeeping, and they vanished with the money. Realizing he had been deceived, Naveen reported the incident to the police.
Investigations revealed that the gang had channeled the stolen funds through hawala transactions. A key figure, Urvashi Goswami (alias Sonu), was allegedly responsible for distributing the funds, and police have recovered Rs44 lakh from her possession.
Officers suspect that hawala routes were heavily used for laundering the money. While there is evidence of such transactions, further verification is needed. If confirmed, the Enforcement Directorate (ED) will likely become involved in the investigation.
Efforts are underway to trace the remaining suspects and recover the rest of the stolen money.
