In a significant breakthrough, Ahmedabad Police have arrested a woman, her husband, and an associate for defrauding investors of Rs1.61 crore through a fraudulent investment scheme run under the name Amstrade Capital. The scam was orchestrated by Amit Prajapati, his wife Sandhya Prajapati, and Amit’s brother Nilesh Prajapati, who promised investors a guaranteed monthly return of 4%.
The accused set up offices in Ahmedabad’s Naroda and Bapunagar areas under the guise of Amstrade Capital, where they lured unsuspecting investors with false promises of lucrative returns. The scam came to light after a complaint was filed by Sujalbhai Sonlanki, a lawyer from Naroda, with the Economic Offenses Wing (EOW) of the Ahmedabad Crime Branch.
According to the complaint, Amit, Sandhya, and Nilesh collected substantial amounts of money from investors and provided them with contracts promising high returns. The police investigation revealed a total of 166 contracts involving crores of rupees. The investigation was carried out at a property in Chiloda, where ₹2.38 lakh in cash was seized, along with copies of the contracts from the defrauded investors.
The police suspect that the total fraud could exceed the reported Rs1.61 crore, based on the large sums involved in the contracts. Following the arrests of the three individuals, further investigations are underway to uncover the full scope of the scam.
Officials from the Economic Offenses Wing have advised victims of the scam to come forward and file complaints with the police. This case highlights the growing issue of investment frauds in the region, as criminals exploit the trust of investors for their financial gain.