AHMEDABAD: Gujarat’s Rajkot witnessed one of the biggest-ever financial scams where traders were lured in with hopes of a high-return turmeric farming, only to be duped of Rs 64.80 crore.
The traders were duped by Maharashtra-based A.S. Agri & Aqua LLP, which later defaulted on a total payment of Rs 194 crore as per the agreement.
Two key engineers-turned-marketing-executives, who played a pivotal role in the racket, were arrested by the Crime Branch in Maharashtra, taking the total arrests to 12. The duo has been remanded till September 30.
However, seven accused, including the mastermind and the company’s 55 per cent owner, Prashant Jade, still remain absconding.
The arrested have been identified as Kamlesh Mahadevrao Ozhe and Avinash Baban Sangle, from Maharashtra’s Kalwar and Narpoli areas. Both are engineers-turned-marketing executives and 2.5 per cent partners in the company.
Investigations revealed that Rs 62 lakh was funneled into Kamlesh’s account and Rs 92 lakh into Avinash’s account directly from the company’s funds.
Initially investors themselves, the duo later joined the company as partners in 2021, aggressively marketing the scheme to other investors. They collected sensitive data, built investor networks, and convinced traders with slick presentations and YouTube videos showcasing “successful” turmeric farms.
The complaint, filed by Rajkot businessman Prashantbhai Pradeepbhai Kanabar, details how the scam took place.
In 2021, Kanabar invested Rs 64.80 crore after being promised Rs 1.20 crore returns per acre every year for six years. He leased 108 acres of land across Gujarat for the project. The agreement stated that the company would build polyhouses, manage cultivation, and handle sales.
However, after receiving the funds, the company did none of what was promised.
When payment became due in January 2023, the company only gave written assurances, promising to return Rs 58.32 crore after “administrative deductions.”
Suspicious of delays, Kanabar personally met company chairman Ivan Albert D'Cruz in Mumbai, who again verbally assured repayment, however, no money was returned.
The scam deepened further as investigators uncovered frauds in Vadodara, Amreli, Thane, and Pune, suggesting a multi-state network. Rs 194 crore, due between 2023 and 2025, remains unpaid.
The Crime Branch, led by PI Manoj Damor, has formed multiple teams to trace the remaining absconding accused.
It is reported that Prashant Jade had hired over 100 marketing agents and made use of a massive promotional campaign to lure unsuspecting investors.
Police are now tracking the flow of money through the accounts of several Maharashtra-based individuals to expose the full scale of the operation.