Couple Arrested for Rs 200 Crore Fraud: Lured Investors with 70% Profit via DIFM App

Couple Arrested for Rs 200 Crore Fraud Promising High Returns

Chandkheda police have arrested a couple from Mumbai on a transfer warrant for committing a fraud of Rs 200 crore. They deceived people across the country by offering a 70 percent profit on investments made through an application called DIFM.

Promising 70 Percent Profit to Extort Crores

The couple used social media to promise high returns on investments, thereby cheating people. Officials from the Economic Crime Prevention Branch in Mumbai have already frozen an amount of Rs 160 crore related to the case. The Mehta couple targeted individuals in several Gujarat cities, including Ahmedabad, Vadodara, Surat, and Dhanera. They created IDs through the DIFM app and extorted crores of rupees online, promising a 70 percent return on the total profit.

Rs 25 Lakh Invested in DIFM App

Shobhanaben Mehta, a resident of Ganesh Genesis Apartments on Jagatpur Road in Ahmedabad, invested Rs 25 lakh in an application called DIFM following her friend’s advice to secure good returns on her retirement savings. The DIFM application is owned by Bliss Consultants’ Ashish Shailesh Mehta and his wife Shivangi Mehta, who reside at V Work Oberoi Commerz, Oberoi City, Goregaon, Mumbai. They assured Shobhanaben that she would receive 70 percent of the profits generated from her investment.

Defrauded Rs 200 Crore Nationwide

To gain initial trust, they deposited money for a few months. However, they stopped making deposits afterward. When Shobhanaben needed her money back and requested a withdrawal, they refused to return her funds. Chandkheda police registered a case and started an investigation. During the investigation, it was found that Ashish Mehta, along with his wife, had defrauded people across the country of Rs 200 crore.

Rs 160 Crore Frozen

After the case was registered by the Economic Crime Prevention Branch of Mumbai, Ashish Mehta and Shivangi Mehta went into hiding. The Mumbai police arrested them in Surat. Before they could transfer the money abroad through hawala, the Economic Crime Prevention Branch managed to freeze a substantial amount of Rs 160 crore. Details have emerged that the couple targeted numerous people in Gujarat, including Ahmedabad, Vadodara, Surat, and Dhanera. Victims have been advised to contact the police.