Ponzi scamster in police remand

Admin   |   27 November, 2014   |   634   |   3980

AHMEDABAD: A local court on Wednesday sent one Ashrafkhan Pathan to police remand till December 3 in connection with different Ponzi schemes launched in the city.



Pathan is a director of SAMS Infrastructure Pvt Ltd, which invited investments offering high interest rates by floating different companies. These companies also allegedly collected money from investors and then duped them by closing down.



Pathan was arrested by the CID (Crime) upon his deportation from Dubai. After producing him before magistrate, the probe agency sought his remand to know about the investment agencies he and his accomplices had floated to collect money. Pathan has been accused of cheating of Rs 4.62 crore during 2009-2011.



Police suspect that Pathan and his accomplices have purchased huge tracts of land in central Gujarat.



Before Pathan, Imtiyaz Ali Saiyed was arrested in a similar scam. He was granted conditional bail and he was supposed to repay the amount in installments. But Saiyed not only defaulted in paying the amount back to thousands of investors, he also jumped the bail and did not report back to police.