Police said the builder had suffered major losses in the pandemic and was looking for a way to make quick returns. He came in contact with some angadia traders at Zaveri bazaar in South Mumbai, who promised him huge profits if he invested in a certain Avaada Power Company in Ahmedabad. One of the accused was introduced as a senior official of the company. They took Rs2 crore from him promising to invest the money.
The fraud came to light after the builder checked and found no such investment had been made. When he tried calling up the accused, their mobile phones had been switched off or blocked. He lodged a complaint with LT Marg police, which traced the accused to Gujarat. Police are trying to find out if the gang has cheated others using a similar modus operandi.