Brother-sister duo accused of ₹500+ crore Ponzi scam under real estate and IT firms

A large-scale financial scam has come to light involving a brother-sister duo, Sweety Shah and Pratik Shah, who are accused of orchestrating a Ponzi scheme under the guise of legitimate real estate and IT ventures. Operating through multiple firms—most prominently Enlife Capsure LLP, based in Ganesh Plaza, Ahmedabad—the accused allegedly defrauded thousands of investors, with losses estimated to exceed ₹500 crore.

The fraudulent operations were carried out under the brand “Week Start 24,” among others. Victims were reportedly lured by promises of high returns on investments in sectors such as real estate, forex, and cryptocurrency.

Victim alleges inaction despite formal complaints

The case was brought to wider attention by Gujarat High Court advocate Madhur Chhabria, who claims to have lost over ₹33 lakh in the scheme. Chhabria has submitted complaints with detailed evidence to several high-ranking officials, including the Director General of Police, the Additional Director General of Police, the Chief Minister of Gujarat, the Union Home Ministry, the Prime Minister’s Office, and the President of India.

Despite these efforts, no First Information Report (FIR) has been registered in Gujarat over a year after the complaint, raising questions about enforcement lapses. “I approached every authority with evidence, but the case remains stuck,” Chhabria said in a statement to the media.

Bail plea rejected; investigation underway

Sweety Shah’s bail plea was recently rejected by the Special GPID Court. She has now approached the Gujarat High Court for relief. The CID Crime branch is currently being assisted by chartered accountants in tracing the financial trail.

Pratik Shah, meanwhile, is reported to be absconding.

Scam extended to multiple states

The alleged fraud was not limited to Gujarat. According to initial investigations, the duo and their associates set up branch offices in Maharashtra, West Bengal, Rajasthan, and other states. An FIR has reportedly been filed in Maharashtra, but Gujarat authorities are yet to register one.

In Ahmedabad, a victim identified as Vinodbhai Patel lodged a complaint at the Odhav police station. That case has since been transferred to CID Crime.

17 shell companies used to deceive investors

Investigators believe that the accused operated at least 17 shell companies to execute the scam. Besides Enlife Capsure LLP, other entities involved included collaborations with individuals such as Harshil Gandhi.

The firms offered fake Systematic Investment Plans (SIPs), mimicking legitimate mutual fund instruments, and promised unusually high returns. Many investors, however, never received their money back.

Call for accountability grows amid lack of progress

On June 3 2024, Chhabria filed a detailed complaint with ADGP Rajkumar Pandian, who reportedly assured an investigation. However, no FIR has been filed to date. The lack of legal action, despite mounting evidence and public complaints, has fuelled speculation over possible political or administrative shielding.

The case continues to draw scrutiny as calls for official accountability and investor protection grow.