Daijiworld Media Network – Mangaluru

Mangaluru, Feb 21: The Ullal police have arrested an accused who had been absconding for 15 years in connection with multiple fraud cases registered at the local police station.

The arrested individual has been identified as Ajay Prasad G (41), a resident of Bengaluru. Three cases of fraud were registered against him in 2011.

Ajay Prasad G is accused of cheating customers through an organization named Nano Farax India. He allegedly promised investors a 40% monthly profit and 20% repayment through currency trading and stock market business using 'Farax Robot' software. After gaining the trust of clients by collecting their ID cards and other documents, he allegedly swindled approximately Rs 1.20 crore from various investors. The police complaint states that he misappropriated the funds without providing any profits or repayments as promised.

A team of officers and staff from the Ullal police station apprehended Ajay Prasad G in Bengaluru. He was subsequently produced before the 7th JMFC court in Mangaluru. The court has remanded the accused to judicial custody, and further investigation into the cases is ongoing.

The accused lured victims with the promise of high returns through automated trading software. His disappearance shortly after the cases were filed in 2011 had left the investigation in a deadlock for 15 years until the recent breakthrough.