Thane: The Thane Economic Offences Wing arrested Parag Ashok Kumar Shah in connection with a ponzi scheme in which a total of several individuals invested their money. The accused Shah was arrested in Pune on May 4. He was produced in Thane Court and remanded into police custody until June 6.
The officials stated that they learned during the investigation that several investors invested in the ponzi scheme, which resulted in a rapid surge in the number of investment amounts or investors.
The Vartak Nagar police booked Jaisukh Sakhariya, Sudhirbhai Kotadiya, Avanitray Barwaliya, Umang Kotadiya, Ranjan Kotadiya, Niru Sakhariya, Rajesh Pambhar, Pravin Kumar Vora, Paragkumar Ashok Kumar Shah, and others, all of whom are residents of Pune.
The police stated that from May 2020 to January 2024, they created several applications (apps) through the Q Phone app company for Google and later, Google provided them with funds (in dollars) due to advertisements on it. Such a Ponzi scheme was initiated, labeling it a digital investment Ponzi scheme, and so far, a total of 124 individuals have invested over 91 crores.
Following this, a complaint was received by the Economic Offences Wing in Thane, and the investigation is pending. The investigation is being carried out by the EOW. During the investigation, Parag Shah's role was found to be actively involved in the matter, and he was made an accused in the case.
The police stated that the accused defrauded 124 investors of ₹91,63,71,047 through a digital investment Ponzi scheme. The scheme, which ran between May 2020 and January 2024, involved creating several apps for Google via the Q Phone App Company, claiming that Google provided large returns in dollars due to advertisements on the apps. The case is currently under investigation by the Economic Offences Branch, Thane City.
An FIR has been filed under sections 406, 409, 420, and 34 of the Indian Penal Code and relevant sections of the MPID Act against them.
