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Ahmedabad City

Ahmedabad couple accused of fraud worth ₹42 cr by promising high returns in IPO

by TLAteam September 29, 2024September 29, 2024
written by TLAteam September 29, 2024September 29, 2024
Ahmedabad couple accused of fraud worth ₹42 cr by promising high returns in IPO

A couple from Ahmedabad allegedly duped several investors to the tune of ₹42 crore by promising returns of up to 9% a month in IPOs (Initial public offerings).

Business News

According to the complaint filed by CID Crime, the couple even used to provide written assurance of high returns on their company’s letterhead.

The complaint was filed by a Nikol resident, Jalpin Bhimani, who knew the accused Jigal Tuli and his wife Sapna of New Ranip. Jigar used to work at a trading agency in Maninagar for the last five years and used to give investment tips for the stock market.

According to the complaint, Jigar quit his job in 2021 and established his company TenScope Management with him and his wife as directors. Jalpin was promised high returns against investing in the company through IPO.

Initially, Jalpin was given returns of small amounts to gain his trust. Later, other investment schemes, IPOs were introduced by the couple to Jalpin and 38 other investors.

A total of ₹54 cr was invested in various schemes and IPOs by these investors. However, no returns were provided as promised.

With investors’ constant demands, the couple returned ₹12 cr. However, the balance after deducting the IPO profits, amounting to ₹42 cr was not paid. Jigar Tuli allegedly threatened the investors demanding money from him.

The CID crime has initiated a probe into the matter.

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