A number of widows and pensioners have lost their years of savings in a multi-crore Ponzi scam by an Ahmedabad-based Trust.
A multi-crore Ponzi scam by an Ahmedabad-based Trust has robbed a number of widows and pensioners of years of savings, the police say. So far, around RS 10 crore is believed to have been swindled, but the fraud may easily involve Rs 50 crore, they added.
Despite multiple raids the main kingpin Bharat Dave is still absconding.
The victims include 73-year-old Vinod Patel, who, after retirement from a private company, had deposited his earnings in a nationalised bank. But few years ago, the trust, Rudraksh, approached him with an offer of 2 per cent monthly returns for senior citizens and widows.
Mr Patel decided to invest. But a few days ago, when he went to the trust to withdraw his money for his wife's medical expenses, he found the trust head, Bharat Dave, has fled.
"I have no medical insurance. I had kept this money thinking it will take care of my retirement... now I am left with nothing," said Mr Patel.
Mr Patel is not alone. Hundreds of senior citizens and widows have lodged complaints with the police so far. Some have even sold their homes to invest in the scheme, which promised a 2 per cent monthly returns on investment.
"The trust was specifically targeting widows and senior citizens, telling them they would receive more returns than government trusts or banks. Investigations are on," said Inspector AD Parmar.