Vasna Police Nab 7-Year Fugitive in ₹14.5 Crore Fraud Case From Madhya Pradesh

Ahmedabad’s Vasna Police have arrested Nilesh Dhirubhai Patel, who had been absconding for seven years and was wanted in seven cases across Gujarat and Maharashtra, from Betul in Madhya Pradesh under ‘Operation Hawk Eye’.

Patel is accused of masterminding a ₹14.5 crore fraud involving bogus property loans, shell companies and investments. His alleged associate, Deepak Ahuja alias Deepu Tank, has also been arrested.

Police have seized assets worth around ₹35 lakh, including cars, laptops and mobile phones, from the two accused and frozen 65 bank accounts containing around ₹20 lakh.

10-Month Surveillance Leads to Arrest

According to the Zone-7 DCP, police tracked Patel through technical and human surveillance for nearly 10 months before arresting him on August 18 with the help of Madhya Pradesh Police.

After fleeing Ahmedabad, Patel reportedly settled in Mumbai, where he allegedly established 19 to 20 shell companies under the Toshan Group. One of the firms, Toshan International, was registered in Hong Kong.

Police said Patel sought to exploit investor interest in semiconductors and cryptocurrency. He allegedly floated Toshan Liberal Scientific and promoted a proposed semiconductor plant, while planning to raise money through a cryptocurrency called ‘Semi Coins’.

He had also identified land in Uttar Pradesh and allegedly collected around ₹5 crore from investors.

₹90 Lakh Loan Taken on Property Without Owner’s Knowledge

In a case registered at Vasna Police Station, Patel allegedly secured a ₹90 lakh loan through a firm named Priyanka Fashions by using property without the original owner’s knowledge.

Police said other cases involving him are registered with Crime Branch-3, Chiloda, Narol and Nikol police stations.

Bank Officials and Valuers Allegedly Part of Loan Network

Investigators said the accused allegedly worked with bank officials and valuers to identify properties where ownership details were unclear or where the properties themselves were bogus.

Using forged documents, they allegedly obtained large loans from banks. To avoid immediate suspicion, the borrowers would initially pay two or three instalments before stopping payments and disappearing.

Vasna Police have previously arrested a bank manager in connection with the syndicate. Investigations are continuing into the alleged involvement of other bank managers and valuers linked to the remaining cases.