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Seven-Year Fugitive in ₹14.5 Crore Gujarat Fraud Arrested
Police in Ahmedabad arrested Nilesh Patel in Betul after searching for him for seven years.
They say he changed his appearance to avoid being recognized.
Police accuse him of running many bank accounts and companies to carry out fraud.
He allegedly pretended to be a stock market adviser and acted wealthy.
Investigators say he used false documents to get large property loans.
One alleged loan was worth ₹90 lakh and was taken without the property owner’s knowledge.
Police also say he collected almost ₹5 crore from people for a proposed semiconductor project and cryptocurrency.
Patel’s associate Deepak Ahuja was arrested too.
Police recovered cars, laptops and phones, and froze money in linked bank accounts.
Ahmedabad police arrested Nilesh Dhirubhai Patel in Betul, Madhya Pradesh, after he allegedly evaded arrest for seven years.
Police allege Patel operated 65 bank accounts and 19–20 shell companies while posing as a stock market adviser.
Patel allegedly collected nearly ₹5 crore by promoting a semiconductor project and planned cryptocurrency called Semi Coin.
Investigators said forged documents were used to obtain loans against disputed properties, including a reported ₹90 lakh loan.
Patel and associate Deepak Ahuja were arrested after nearly 10 months of surveillance; assets worth ₹35 lakh were recovered.
- Who
- Ahmedabad police arrested Nilesh Dhirubhai Patel and his associate Deepak Ahuja, also known as Deepu Tank.
- What
- The arrests concern an alleged ₹14.5 crore fraud involving shell companies, bank accounts, forged documents and disputed-property loans.
- Where
- Patel was arrested in Betul, Madhya Pradesh; the alleged fraud case was registered in Vasna, Ahmedabad, Gujarat.
- When
- Patel was arrested on Friday after allegedly remaining on the run for seven years; police had monitored him for nearly 10 months.
- Why
- Police allege Patel and associates used false documents, companies and bank accounts to obtain loans and collect investments.
Key facts
- Fraud case value
- ₹14.5 crore
- Arrest location
- Betul, Madhya Pradesh
- Alleged evasion period
- Seven years
- Bank accounts
- 65 accounts allegedly operated by the network
- Shell companies
- 19–20 companies, including one registered in Hong Kong
- Recovered assets
- Assets worth ₹35 lakh, including a car, laptops and mobile phones
- Frozen funds
- Around ₹20 lakh linked to the suspects
Sources
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