Ahmedabad, Oct 26: The Economic Offences Wing (EOW) of the Ahmedabad Crime Branch has arrested two men in connection with 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.

Source: IANS via hiINDiA

The accused have been identified as Alkeshpuri Goswami, a resident of Katuda in Surendranagar district, and Bhargav Pandya, a resident of Vadodara. Police have obtained their remand for further investigation. The case was registered on a complaint by Rajnikant Ramani, 37, who works in the construction business.

According to the complaint, 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 to Rs 1.27 crore. The accused allegedly entered into agreements with some investors and initially paid them certain amounts before stopping the payments.

Police said the accused allegedly claimed 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, and allegedly acted in collusion and failed to return either the principal amounts or the promised returns. Parmar, who is yet to be arrested, is being traced, police said.

Source: Nation Press

Investigators have identified 235 bank accounts linked to the accused, their family members and their companies — around 150 accounts associated with Pandya, his family members and his company, and approximately 10 linked to Goswami, his family members and his company. Police are analysing the accounts to determine whether more people were allegedly defrauded, and are also examining the accused persons' bank transactions, lockers, properties and other assets. Six companies allegedly established in the names of the accused and their relatives are also under investigation.

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. A case has also been registered at Adalaj police station, and further investigation is underway, police said. The allegations are yet to be tested in court.