Scamster Abhay Gandhi held

Nov 03, 2012 |

Ahmedabad

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Alleged fraudster Abhay Gandhi,against whom police had issued a look-out notice for cheating people to the tune of Rs 180 crore, was on Saturday arrested at the airport here.

The accused was held at the Sardar Vallabhbai Patel International Airport (SVPIA) in the city by the Crime Branch officials following a tip-off, police said.

Gandhi, who had floated a company named AISE Capital, had allegedly duped many people across Gujarat after promising higher investment returns, had eluded the police since April 2011, police sources said.

"We had received a tip-off that he had boarded a Bangkok-Mumbai-Ahmedabad flight and nabbed him as soon as he landed here," a Crime Branch official said.

He returned to the city after he ran out of money, police said.

Sources said Gandhi, who had started AISE Capital a few years ago, had gradually become popular for giving stock market tips and also called himself "Nifty King".

His offices were located in Nehrunagar and satellite areas and he owned two high-end bikes and two luxury cars, police said adding he used people's money to lead a lavish lifestyle.

Police sources said a majority of his investors were poor people, who were lured by the promise of high returns, adding none came forward to file a complaint against him fearing losing their money.

The Crime Branch handed him over to Satellite police station as cases were registered against him over there.

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