Ahmedabad Police arrested Nilesh Dhirubhai Patel, accused in a Rs 14.5 crore fraud case, from MP’s Betul after seven years on the run. Police allege he operated around 20 shell companies and 65 bank accounts and collected nearly Rs 5 crore from investors. An associate was also arrested.

7 Years On The Run: ₹14.5 Crore Gujarat Fraud Accused Nabbed From MP’s Betul | Representative image

Bhopal (Madhya Pradesh): Ahmedabad police on Friday arrested Nilesh Dhirubhai Patel, a suspect in a Rs 14.5 crore fraud case, from Betul in Madhya Pradesh. Patel had allegedly changed his appearance and was evading arrest for seven years.

According to reports, Patel ran a network of 65 bank accounts and 19-20 shell companies while operating from Hong Kong. He reportedly posed as a stock market adviser and used luxury cars and hi-tech gadgets to project a wealthy image.

The arrest was made under Operation Hawk Eye following nearly 10 months of surveillance by Ahmedabad’s Vasna police. His associate Deepak Ahuja alias Deepu Tank was also arrested.

Police said assets worth Rs 35 lakh, including a car, laptops and mobile phones were recovered from the two suspects. The 65 bank accounts have around Rs 20 lakh linked to the suspects, which have been frozen.

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Ahmedabad police officials said Patel fled Gujarat and later stayed in Mumbai where he set up 19-20 shell companies, one of which was also registered in Hong Kong.

Police said Patel had been living in Betul for the past two years while operating through Hong Kong. He changed his appearance to avoid identification.

Police said Patel also planned business in semiconductors and cryptocurrency.

He allegedly promoted a proposed semiconductor plant through one of his companies and had planned to raise investments through a cryptocurrency called Semi Coin. Police suspect he collected nearly Rs 5 crore from investors.

In one fraud case at Vasna in Ahmedabad, Patel allegedly obtained a Rs 90 lakh property loan through a firm without the actual property owner’s knowledge.

Police said the suspects worked with certain bank officials and property valuers to identify disputed properties and used forged documents to obtain large loans.

Initial instalments were reportedly paid to avoid suspicion before the suspects stopped payments and disappeared. A bank manager linked to the alleged syndicate has already been arrested earlier.

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