The Telegraph
Since 1st March, 1999
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In cop net for finance fraud

A team of Ahmedabad policemen arrived in the city on Thursday to arrest Vinod Bhogna from his Salt Lake residence on charges of cheating investors in Gujarat. Sources said five officers, accompanied by men from the local Bidhannagar police station, raided Bhogna’s house in the morning and caught him unawares.

Speaking to Metro from Ahmedabad, a senior officer of the crime branch said Bhogna had collected money from small investors with promises of a high return. However, he defaulted paying interest from the second instalment.

Bhogna had promised to pay the interest to the investors in phases. “It was a lucrative offer and a large number of small investors in Ahmedabad had queued up at his office there to deposit money with Bhogna,’’ said additional superintendent of police (Bidhannagar) Ajay Nand.

But Bhogna began to default paying investors from the second instalment of the interest. After about a month, when the investors failed to get their returns, a few of them lodged an FIR with Navrangpur police station.

By that time, Bhogna had fled Ahmedabad for his Salt Lake home. Investigations revealed that Bhogna lived in Calcutta, but would visit Ahmedabad on “business”.

Nand said: “He had rented a house in AE 689, in Salt Lake, and lived there with his family.’’ Meanwhile, the crime branch of Ahmedabad Police began to investigate the case and picked up a few of Bhogna’s local contacts.

During the course of the interrogation, his associates told investigators that Bhogna had fled to Calcutta. “We only had his Calcutta telephone number. Bhogna’s local associates did not have his city address,’’ the crime branch officer of Ahmedabad police added.

Ahmedabad police traced his Salt Lake address from the Calcutta telephone directory and arrived on Wednesday night. “They got in touch with us for assistance. Our men surrounded Bhogna’s house. He was taken by surprise and did not resist arrest,’’ Nand said.

The Ahmedabad officers left with Bhogna for Gujarat by train on Thursday evening.

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