Ahmedabad: A 47-year-old software professional accused of defrauding over 100 Mumbai residents of crores of rupees through a fake investment scheme was arrested at the Ahmedabad airport after allegedly being on the run for more than two years, police said on Tuesday.
The accused, identified as Sushant Shankarrao Dev, a software developer, is named in a case registered at the Dahisar police station in Mumbai under various sections, including 406 (breach of trust), 420 (cheating), and 120(B) (criminal conspiracy) of the Indian Penal Code, along with sections 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, which deal with fraudulent financial establishments and penalties for cheating depositors, said officers.
According to the police, Dev had been absconding since 2021. He is a native of Satara district in Maharashtra and was residing in the Naroda area of Ahmedabad before his arrest, officers said.
“Dev and his associates had started an office in Dahisar in 2021, dealing in cryptocurrency. They allegedly targeted residents of Dahisar and nearby areas, offering returns of four times the investment in the scheme. Several people invested money after being assured of high profits,” said a police officer.
Investigators said the accused later siphoned off the invested funds and fled without returning the money to investors. Dev allegedly played a key role in diverting large sums collected under the scheme.
