The Navrangpura police on Thursday arrested the notorious Ponzi scamster Wasim Saiyed, who is believed to have duped his customers of Rs 4 crore by promising them higher returns on their investments in his company. The full story of the Fraud Investment Company that duped a man of Rs. 20 Lakhs. The arrest of Wasim Saiyed is said to be a big successful catch for Ahmedabad Police as the amount he is believed to have cheated people off is much more than what had been reported so far.
"We arrested Wasim Saiyed, managing director of KSP Investment Ltd located at Ashram Road. He was booked for cheating around 150 people of Rs 4 crore," said Navrangpura police inspector PM Sarvaiya.
As per the cops, Saiyed had floated his company KSP in 2010 claiming that the firm was recognized by the Reserve Bank of India. Saiyed, along with some relatives, started to offer unbelievable returns on investments.
"We got cheated by Saiyed who claimed that he would give enormous returns. In his scheme, he claimed that on a deposit of Rs 1 lakh, after six months we would get back Rs 2.5 lakh. Further, he had promised to give Rs 15,000 as returns every month on investments of Rs 1 lakh. At that time he showed examples of people who received benefits from his scheme. But later, we found out that the beneficiaries were his relatives posing as customers," said Tirmazi, a complainant from Jamalpur. Tirmazi said that of the 150 people who invested a whopping Rs 4 crore in his scheme, none got anything in return from Saiyed and his fraud company.
We congratulate the Ahmedabad Police for cracking the case and bringing the fraud company owners to justice.
"We arrested Wasim Saiyed, managing director of KSP Investment Ltd located at Ashram Road. He was booked for cheating around 150 people of Rs 4 crore," said Navrangpura police inspector PM Sarvaiya.
As per the cops, Saiyed had floated his company KSP in 2010 claiming that the firm was recognized by the Reserve Bank of India. Saiyed, along with some relatives, started to offer unbelievable returns on investments.
"We got cheated by Saiyed who claimed that he would give enormous returns. In his scheme, he claimed that on a deposit of Rs 1 lakh, after six months we would get back Rs 2.5 lakh. Further, he had promised to give Rs 15,000 as returns every month on investments of Rs 1 lakh. At that time he showed examples of people who received benefits from his scheme. But later, we found out that the beneficiaries were his relatives posing as customers," said Tirmazi, a complainant from Jamalpur. Tirmazi said that of the 150 people who invested a whopping Rs 4 crore in his scheme, none got anything in return from Saiyed and his fraud company.
We congratulate the Ahmedabad Police for cracking the case and bringing the fraud company owners to justice.
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