Mangaluru: In a significant breakthrough, Ullal police have arrested a man who had been absconding for 15 years in connection with multiple fraud cases registered in 2011. The accused was apprehended in Bengaluru and produced before a court in Mangaluru.
The arrested individual has been identified as Ajay Prasad G (41), a resident of Bengaluru. Three separate cases of cheating had been registered against him at Ullal police station in 2011, following complaints from investors who alleged that they had been duped of large sums of money.
Alleged ₹1.20 crore investment scam
According to police, Ajay Prasad G operated an organisation named Nano Farax India, through which he allegedly lured investors with promises of extraordinarily high returns. He is accused of assuring clients a 40 per cent monthly profit and an additional 20 per cent repayment through currency trading and stock market transactions.
The accused reportedly claimed that the investments would be managed using a specialised automated trading system referred to as ‘Farax Robot’ software. By projecting the venture as a technologically advanced and high-yield business model, he allegedly convinced several individuals to invest substantial amounts.
Police sources stated that after gaining the trust of investors, the accused collected their identity cards and other documents as part of the formalities. However, instead of delivering the promised profits or returning the principal amounts, he allegedly misappropriated the funds.
The total amount allegedly swindled from various investors is estimated to be approximately ₹1.20 crore. None of the promised returns or repayments were made, according to the complaints filed with the police.
Cases registered in 2011
Following the complaints, three cases of fraud were registered against Ajay Prasad G at Ullal police station in 2011. However, soon after the cases were filed, the accused reportedly went into hiding, making it difficult for investigators to trace him.
His sudden disappearance had left the investigation in a deadlock for years. Despite efforts to track him down, he remained untraceable for nearly a decade and a half.
Police officials said that renewed efforts and sustained tracking eventually led to credible information about his whereabouts in Bengaluru.
Arrest in Bengaluru
A dedicated team of officers and staff from Ullal police station traced and apprehended the accused in Bengaluru. The operation marked a significant development in the long-pending cases.
Following his arrest, Ajay Prasad G was brought to Mangaluru and produced before the 7th JMFC court. The court has remanded him to judicial custody.
Police officials confirmed that further investigation is underway to examine the full extent of the alleged fraud and to verify whether more investors may have been affected.
Warning against high-return schemes
The case highlights the risks associated with schemes promising unusually high returns within short periods. Police have reiterated that investors should exercise caution and verify the credentials and legitimacy of organisations before parting with their money.
Officials also indicated that they would scrutinise financial records and digital evidence related to the alleged automated trading software to determine whether the claims made by the accused had any factual basis.
With the arrest of the absconding accused after 15 years, investigators are hopeful of bringing closure to the cases and ensuring accountability in the alleged ₹1.20 crore fraud.