Ahmedabad: Crime branch officials arrested a 47-year-old software developer at Ahmedabad airport on Tuesday for allegedly cheating more than 100 people through a fake investment scheme.
Sushant Shankarrao Dev, originally from Satara district in Maharashtra, had been residing in the Naroda area of Ahmedabad before his arrest. He had been on the run for more than two years.
“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 four times the returns on investments made in the scheme. Several people invested money after being assured of high profits,” a police officer said.
Investigators said the accused later withdrew and diverted the invested amounts and fled without returning the money to investors.
A case was registered at the Dahisar police station under various sections, including 406 (breach of trust), 420 (cheating), and 120(B) (criminal conspiracy) of the Indian Penal Code (IPC), along with relevant sections of the Maharashtra Protection of Interest of Depositors Act.
