Conman arrested for duping over 400 investors of ₹170 crore

Mumbai Crime Branch arrests Aashish Dinesh Kumar Shah for cheating over 400 investors of ₹170 crore by promising 84% annual returns; arrested in Jabalpur.

MUMBAI: The Mumbai Crime Branch on Saturday arrested a 44-year-old man for cheating over 400 investors to the tune of ₹170 crore by promising them 84% returns annually on their investments. The accused, Aashish Dinesh Kumar Shah, was on the run for the past two months and was arrested from Jabalpur, Madhya Pradesh.

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According to the police, Shah, a resident of Versova and a native of Veraval, Gujarat, set up a firm – Samar Yash Trading Company – which he claimed was registered with the Securities and Exchange Board of India (SEBI).

He lured investors by saying that he had earned everything – his plush house, office, expensive cars, properties, farmhouses etc., by investing in the share market. “He used to show photos of the properties and cars and promise them that they could earn 84% returns annually if they invested in the share market through his firm,” said a police officer. The officer added that several investors fell into his trap and invested huge sums through Shah’s firm.

According to the police, Shah has cheated investors from Mumbai, Mira-Bhayandar and Tamil Nadu. The initial FIR against Shah was registered under Sections 420 (cheating), 406 (criminal breach of trust) and relevant sections of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, with the Versova police station, for cheating investors to the tune of ₹11.50 crore.

Later, several more depositors approached the police, and the amount of cheating went up to ₹170 crore. “After receiving the complaints and registration of the FIR, we found Shah fled the city and started tracing his whereabouts,” said the police officer.

Using technical information, the police discovered that he was in Madhya Pradesh but was frequently changing locations. “A police team was stationed in Madhya Pradesh for quite some time to trace and apprehend him. Eventually, we zeroed down on his location and, with the help of local police, we apprehended him,” added the police officer.

The police said they had recovered 1,900 grams of gold and ₹25 lakh in cash from him. “We have also learnt he has brought several immovable properties, and we are trying to ascertain the information and locate the properties and seize documents related to the same, the police officer added.