Gujarat: Two arrested for Rs 1.27 crore investment fraud; 235 bank accounts under scrutiny

Ahmedabad: The Economic Offences Wing (EOW) of the Ahmedabad Crime Branch, Gujarat Police, has arrested two men in an alleged Rs 1.27 crore investment fraud in which investors were promised monthly returns of two per cent and assured that their money would double or triple within two years, police said on Monday.

The accused, identified as Alkeshpuri Goswami, a resident of Katuda in Surendranagar district, and Bhargav Pandya, a resident of Vadodara, were arrested in connection with a case registered on a complaint by Rajnikant Ramani, 37, who works in the construction business.

Police have obtained their remand for further investigation. According to the complaint, the accused Virat Parmar and Goswami established Discipline T &T Ventures Private Limited in 2023 and allegedly lured investors by promising returns higher than those offered by nationalised banks and moneylenders.

The complainant allegedly invested Rs 10 lakh, while other investors put in Rs 1.17 crore, taking the total amount to Rs 1.27 crore.

The accused allegedly entered into agreements with some investors and initially paid them certain amounts before stopping the payments.

They are also accused of claiming that the money had been invested in futures and options (F&O) trading through Pandya, with the transactions allegedly routed through several of his bank accounts.

Police said the accused allegedly acted in collusion to obtain financial gains and failed to return either the principal amounts or the promised returns to investors.

A case has been registered under Sections 316(2), 316(5), 318(4) and 54 of the Bharatiya Nyaya Sanhita, 2023, and Section 3 of the Gujarat Protection of Interests of Depositors (in Financial Establishments) Act, 2003.

Police said a case has also been registered at Adalaj police station. Investigators have identified 235 bank accounts linked to the accused, their family members and their companies.

Of these, around 150 accounts are associated with Pandya, his family members and his company, while approximately 10 are linked to Goswami, his family members and his company.

Police are analysing the accounts to determine whether more people were allegedly defrauded beyond those named in the complaint.

The investigation is also examining the accused persons' bank transactions, lockers, properties and other assets. Parmar, who is yet to be arrested, is also being traced.

Police are further investigating six companies allegedly established in the names of the accused and their relatives: Persistence Investment Company LLP, Divyakshi Advisory LLP, Rudrakshi Advisory LLP, Krutakshi Data LLP, Trayaksh Corporation LLP, and Discipline Trader and Trainer.

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