Ahmedabad, March 10 Ahmedabad Police have uncovered a case of financial fraud, where an individual lured his own relatives, friends, and acquaintances into investing in his company with the promise of high returns.
Upon receiving complaints, the police arrested the accused and launched an investigation into the scam, which had been running for an extended period under the guise of investment schemes.
According to a complaint registered at Vadaj Police Station, the accused, Dennis Makwana, had been operating an office under the name Fincap-24 at Arved Plaza in the Ranip area for the past one and a half years.
He convinced his close relatives and friends to invest in his company, promising lucrative returns. However, despite a considerable period passing, neither the promised profits nor the invested capital were returned, leading to financial losses for the investors.
Following multiple complaints, the police arrested Makwana, and initial interrogations revealed significant details about the fraudulent operations. Investigations revealed that Dennis Makwana, the proprietor of Fincap-24, devised investment schemes to attract funds from his relatives and acquaintances.
He used WhatsApp messages and posters to promote enticing offers, such as a 25 per cent return within six months and doubling the investment in 40 months. Initially, he paid small returns to gain investors’ trust but later stopped all payments, including the principal amount. So far, the accused has allegedly defrauded at least three to four individuals, amassing over Rs 24 lakh.
The Ahmedabad Police have initiated a deeper investigation to uncover the full extent of the scam and identify additional victims. Gujarat has experienced a significant surge in financial fraud cases in recent years, reflecting a concerning trend in cyber and banking-related crimes.
In the financial year 2023-24, the state reported 1,349 cases of banking fraud involving credit and debit cards, as well as internet banking transactions, marking a staggering 469 per cent increase from the 247 cases reported in 2022-23.
This escalation resulted in financial losses amounting to Rs 49.92 crore, a substantial rise from the Rs 9.87 crore lost in the previous fiscal year. The prevalence of cyber fraud is equally alarming.
Between January 1 and December 15, 2024, Gujaratis lost approximately Rs 1,288 crore to online fraud, underscoring the state's vulnerability to cybercriminal activities. This period saw a daily average of 333 cyber fraud cases, translating to over 13 incidents every hour.
In response to these challenges, Gujarat authorities have intensified efforts to combat financial fraud. The state's police have successfully frozen Rs 285.12 crore in various bank accounts linked to fraudulent activities, with Rs 108.08 crore already returned to the victims.
--IANS
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