Mumbai: The Enforcement Directorate (ED), Mumbai Zone II, on Tuesday conducted search operations at 13 locations in Gujarat as part of a money laundering investigation linked to the alleged Q-Fon App digital investment scam.

According to ED officials, searches were carried out at 10 locations in Ahmedabad and three in Surat, along with a few premises in Mumbai. The raids were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, against Q-Fon App Limited and its directors in connection with a large-scale financial scam involving public investments. The searches targeted premises linked to the company’s directors and related entities suspected of receiving investors’ money.

The search was ongoing at all the three locations until the report was published and no information about any arrests or seizures was shared.

The ED action follows an FIR registered by the Economic Offences Wing (EOW), Thane, on December 28, 2024. The FIR alleged that Q-Fon App Limited, along with associated entities and directors including Sudhir Kotadiya, floated a Ponzi-style digital investment scheme claiming to generate earnings from online advertisements.

Investigation revealed that the accused promised investors unusually high returns, ranging between 2% and 10.5% per month. They collected huge sums from the public through cash deposits and online transfers routed via accounts of linked individuals and entities. The funds were allegedly siphoned off, and the accused later absconded with the investors’ money.

The Q-Fon App scam, which came to light following multiple complaints from duped investors, is part of a growing trend of app-based ponzi operations exploiting digital platforms to defraud citizens.

Officials said the fraudulent network, operating out of Ahmedabad, lured hundreds of investors across Maharashtra. The EOW FIR alleged that the scheme was led by Jay Sukhbhai Sakhia, also known as Patel, along with associates Umang Thathadia, Anant Patel, Sanjaybhai Sarithi Thathadia, and Saddubhai Dushyantbhai Thathadia. They reportedly collected crores of rupees via cash deposits and online transfers routed through linked entities.

According to an investor’s statement, the scam’s origins trace back to May 2020, when the accused introduced the “Digital Investment App” during one of the meetings. “They claimed to be running a legitimate business from Ahmedabad, assuring investors of monthly profits in US dollars through a mobile app available on the Google Play Store,” the investor told investigators.

The accused allegedly convinced participants of the scheme’s authenticity by claiming to have “connections within the Thane and Mumbai police.” Several meetings were held in Thane, Mumbai, Panvel, and Ahmedabad to persuade investors to contribute to what was described as a “secure digital earning platform.”

Later, victims discovered that the operation was a ponzi scheme, and the accused disappeared after collecting crores of rupees. The Thane EOW arrested Parag Ashok Kumar Shah, a key accused in the case, in June. Sources said that Shah, a small businessman from Narayangaon near Pune, had conspired with other businessmen from Gujarat to execute the scam.

ED sources added that the Ahmedabad-based network, operating under the guise of a “digital investment platform,” is suspected to be part of a larger pan-India ponzi racket, which defrauded investors across multiple states before vanishing without a trace.

Mumbai: Work on the much-anticipated cable-stayed Byculla East-West Connector has reached 72% completion. Originally targeted for completion in October 2023, the timeline was pushed to July 2024 and later to October 2025 due to challenges in relocating underground utilities and clearing encroachments along the route.

Now, in a further setback, the timeline has been extended by an additional seven months, with the bridge expected to be fully operational by May 2026.

The 103-year-old ‘Y’-shaped bridge in Byculla, built in 1922 and passing over Sandhurst Road and Byculla stations, is currently redeveloped after being declared unsafe and dilapidated in a structural audit by IIT Bombay following the Gokhale Bridge collapse in 2018.

The reconstruction is being undertaken by the Maharashtra Rail Infrastructure Development Corporation (MRIDC) in collaboration with the BMC. The new bridge will span 916 metres (including approach roads), rise to 9.70 metres, and feature an eight-lane roadway upgraded from the existing six lanes to enhance traffic flow. The project is estimated to cost Rs 287 crore.

The phased reconstruction of the bridge began in December 2021, to minimise traffic disruptions. New bridges are currently being built parallel to the existing structure, and once complete, traffic will be seamlessly diverted onto the new lanes.

Following the diversion, one span of the old bridge will be dismantled and integrated with the new cable-stayed bridge, as confirmed by officials. Additionally, the new bridge will feature a selfie point, allowing the public to enjoy panoramic views of the cityscape. A senior civic official confirmed that as per the new deadline the work is now expected to be completed by May 2026.

Mumbai: In a major corporate fraud case, a complaint has been registered against former CEO Vijay Agarwal and his associates Yogesh Bhura and Akshay Anjalia for allegedly conspiring to cheat Nibble Technologies Pvt. Ltd., a Powai-based tech firm, of approximately ₹19.66 crore through forged contracts and intellectual property theft.

According to the complaint, the accused, between November 2021 and August 2024, allegedly colluded with four companies — IQ Capital Holdings PTE. LTD. (Singapore), Dextra Lab PTE. LTD. (Singapore), Dextralab Solutions Pvt. Ltd. (Mumbai), and Dextralabs Innovation Pvt. Ltd. (Mumbai) — to execute fake and fabricated Master Service Agreements (MSAs) dated November 23, 2023. The agreements were allegedly signed by Yogesh Bhura, the authorized signatory of IQ Capital Holdings, and Vijay Agarwal.

The complaint further states that the trio misused company data, computer systems, source codes, products, and intellectual property to transfer ownership and profits illegally to the aforementioned entities. This was allegedly done with the intent to deceive Nibble Technologies and derive unlawful financial gains.

As a result, Nibble Technologies claims to have suffered losses amounting to ₹12.05 crore in product value, ₹4.77 crore in services, and ₹2.84 crore in revenue, totaling ₹19.66 crore.

Police sources confirmed that the accused took undue advantage of their positions of trust within the company and executed a criminal conspiracy to misappropriate proprietary assets and customer contracts. The alleged fraudulent acts included forging official correspondence and manipulating client relationships for personal benefit.

A case has been registered against Vijay Agarwal, Yogesh Bhura, Akshay Anjalia, and the four linked companies under relevant sections of the BNS related to cheating, criminal breach of trust, and forgery at Sakinaka Police Station. This case has been transferred to Economic Offence Wing (EOW ). The investigation is underway to trace the money trail and recover the misappropriated intellectual property, Said EOW Official.