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PTI Ahmedabad
Updated: 13-11-2018 22:52 IST

The head of Ahmedabad police's

crime branch, J K Bhatt, has filed a criminal defamation suit

against a person accused of syphoning off Rs 260 crore of

investors' money.

Accused Vinay Shah and his wife Bhargavi Shah have

become untraceable after two FIRs were registered against them

at Vastrapur police station in the last two days, a police

official said.

However, before closing their office in the city and

vanishing, Vinay Shah purportedly posted a `suicide letter' on

social media, claiming that he had paid Rs 86 lakh to Bhatt's

middleman as "protection money".

The middleman took the money in three instalments ten

months ago, Shah claimed.

Following the allegation, Bhatt, who is Special

Commissioner of Police, crime branch, filed a criminal

defamation suit against Shah, claiming that the allegations

were baseless and they tarnished his image.

In a statement, Bhatt said he filed the case in a

magistrate's court here Monday under IPC section 500

(defamation) and he will also file a civil defamation suit

demanding damages of Rs 20 crore from Shah.

Shah and his wife had cheated people by offering very

high returns on investment, he alleged.

According to Vastrapur police, Shah allegedly promised

to double the investment in just one year by floating a scheme

where the members had to click on online ads to get regular


"In his so-called suicide letter, Shah claimed that

his firms had a turnover of Rs 260 crore. So the fraud could

be to the tune of Rs 260 crore. Till now, two complainants

have come forward and claimed they lost Rs 1.04 lakh," said

police inspector M M Jadeja.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)