The Ahmedabad City Crime Branch has arrested a fugitive, Sujit Shankarrao Dev, who had been evading law enforcement for two years in connection with an alleged cryptocurrency investment fraud exceeding Rs 100 crore. The arrest occurred near Ahmedabad Airport, marking a significant breakthrough in the case. Dev is a resident of Naroda in Ahmedabad and was wanted by the Dahisar Police Station in Mumbai, facing charges under various sections of the Indian Penal Code along with provisions of the Maharashtra Protection of Interest of Depositors Act.
Details of the Fraudulent Scheme
In 2021, Sujit Dev, along with accomplices, established a “Crypto Currency Investment” office in Dahisar, Maharashtra. They attracted local residents by promising untenable returns, claiming investors could quadruple their money through cryptocurrency trading. Many individuals placed their trust in these assurances, leading to substantial financial losses as they invested significant amounts of their savings. Authorities allege that Dev misappropriated these funds and subsequently fled the area, leaving over 100 victims to suffer financial harm.
Legal Action Following the Arrest
Following the apprehension of Sujit Dev, the Ahmedabad Crime Branch has commenced the required legal procedures to address the charges against him. His arrest not only highlights ongoing efforts to address financial crimes but also underscores the judiciary’s commitment to protecting the interests of depositors in interconnected fraud cases.
Previous Operations of the Ahmedabad Crime Branch
This recent arrest is part of a broader context of intensified actions by the Ahmedabad Crime Branch. Just a week prior, the unit dismantled an alleged interstate criminal syndicate known for defrauding major e-commerce retailers such as Flipkart and Amazon. Authorities described the gang’s operations as sophisticated, involving the substitution of high-value electronics with counterfeit items within the supply chain, which deceived numerous online retailers.
Further Developments in Related Cases
In connection with the e-commerce fraud case, the Crime Branch has apprehended five individuals, including Ramlal alias Romil Gahlot, Manoj Kumar Mali, Bharat Kumar Sundesha, Vishal Hasmukhbhai Panchal, and Vishal Kanjibhai Bavri. However, two additional suspects, identified as Rishipal Bhati and Vinod, remain at large, prompting an ongoing search by law enforcement to bring them to justice. The culmination of these operations reflects a concerted effort by authorities to combat complex financial crimes impacting consumers and businesses alike.
