Ahmedabad Crypto Fraud: 4 Traders Allegedly Duped Of ₹1.46 Crore Over 1.5% Daily Return Promise

Four traders from Ahmedabad have allegedly lost ₹1.46 crore after being lured into investing in a cryptocurrency scheme that promised returns of 1.5% every day. The alleged fraud was carried out in the name of a company called ‘Block Aura’, with investors reportedly taken to meetings and seminars in different locations, including Singapore, to gain their confidence.

Ramol police have registered a case against 12 people from Ankleshwar, Limbdi, Botad, Rajkot and other places following a complaint by a trader from Vastral and have started an investigation.

Traders Introduced To TBAC Coin Scheme

According to the complaint, Bharatbhai Karshanbhai Motka, a printing trader living near Swaminarayan Temple on Vastral Ring Road, came in contact with Amit Multani and Azruddin Multani in 2022.

The two allegedly claimed to be associated with Block Aura, which dealt in a cryptocurrency called TBAC Coin. They allegedly told Motka and his friends about an investment scheme offering daily returns of 1.5%, convincing them to put money into it.

The complainant and his friends were later invited to a meeting in Lonavala, where they were introduced to the alleged main operators of the company, Firoz Multani and Nitin Jagtyani.

₹1.46 Crore Collected From Four Investors

The accused allegedly arranged another meeting at Sargam Hotel on Vastral Ring Road, where they collected money from Motka and three of his friends.

According to the complaint, the four investors paid:

• Bharatbhai Motka: ₹56.73 lakh
• Nileshbhai Saravadiya: ₹55.03 lakh
• Samirbhai Merchant: ₹24.86 lakh
• Bhargavkumar Patel: ₹9.98 lakh

The total amount allegedly collected was around ₹1.46 crore. Separate IDs were reportedly created for the investors after their payments were made. Some of the money was also allegedly sent to Surat through angadia services from Odhav.

Investors Taken To Singapore

The accused allegedly took the investors to Singapore as part of efforts to strengthen their confidence in the scheme.

During the visit, Nitin Jagtyani and Fardeen allegedly offered commissions to the investors for bringing in additional deposits from other people.

The investors later attempted to withdraw their money, but the company allegedly stopped withdrawals, citing a system update.

A subsequent meeting was held in Sasan, where the investors were allegedly told that the value of the cryptocurrency token would rise. However, they allegedly continued to remain without their principal amount or promised returns for a prolonged period.

Ramol Police Book 12 Accused

Following the complaint, Ramol police registered a case against 12 people and began investigating the alleged cryptocurrency fraud.

The accused named in the complaint are:

• Firoz alias Thutho Dilawar Multani – Ankleshwar
• Azruddin Satarbhai Multani – Ankleshwar
• Nitin Jagtyani
• Amit Manubhai Multani – Limbdi/Ankleshwar
• Maksudali Ayubbhai Saiyed – Ankleshwar
• Amzad Abdulbhai Multani – Barwala, Botad
• Azruddin Karimbhai Multani – Dhrangadhra
• Sajid Sirajbhai Pinjara – Rajkot
• Salim Mahmadbhai Multani – Ankleshwar
• Yasin alias Lalu Mahmandbhai Multani – Ankleshwar
• Imran Dilawar Multani – Ankleshwar
• Fardeen Firoz Multani – Ankleshwar

Police are now investigating the alleged investment network, the flow of the funds and the role of each of the accused.