Ahmedabad Police have arrested Nilesh Dhirubhai Patel from Betul in Madhya Pradesh in connection with an alleged ₹14.5 crore fraud case, ending a seven-year search for the suspect.
Police said Patel had changed his appearance to avoid identification and was allegedly operating a network of shell companies and bank accounts. His associate, Deepak Ahuja alias Deepu Tank, has also been arrested.
Arrest follows months of surveillance
Patel was arrested under Operation Hawk Eye following nearly 10 months of surveillance by Ahmedabad’s Vasna police. Police said he had been living in Betul for the past two years while continuing to operate through Hong Kong. According to police, Patel fled Gujarat and later stayed in Mumbai, where he allegedly set up 19 to 20 shell companies. One of these companies was also registered in Hong Kong.
Investigators said Patel operated a network of 65 bank accounts and posed as a stock market adviser. He allegedly used luxury cars and high-tech gadgets to project an image of wealth.
Police said assets worth ₹35 lakh, including a car, laptops and mobile phones, were recovered from the two suspects. Around ₹20 lakh linked to them was found in the 65 bank accounts, which have been frozen.
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Nearly ₹5 crore allegedly collected from investors
Police said Patel also planned ventures involving semiconductors and cryptocurrency. He allegedly promoted a proposed semiconductor plant through one of his companies and planned to raise investments through a cryptocurrency called Semi Coin. Investigators suspect that he collected nearly ₹5 crore from investors.
In one fraud case registered at Vasna in Ahmedabad, Patel allegedly obtained a ₹90 lakh property loan through a firm without the actual property owner’s knowledge.
Police alleged that 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 payments were stopped and the suspects disappeared. A bank manager allegedly linked to the syndicate had already been arrested earlier.
Shell companies and bank accounts under scrutiny
The investigation has focused on the network of shell companies and bank accounts allegedly operated by Patel. Police said the suspect had remained out of reach for seven years and had altered his appearance while staying in Betul.
The case involves an alleged fraud of ₹14.5 crore, while investigators also suspect Patel of collecting nearly ₹5 crore from investors through his activities. With Patel and Ahuja now under arrest, police have frozen the 65 bank accounts linked to the suspects and recovered assets valued at ₹35 lakh.
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