A Chartered Accountant (CA) based in Ahmedabad has lodged a police complaint against two individuals, accusing them of orchestrating a financial scam under the guise of stock market investments. The alleged fraud has left the complainant and others poorer by ₹56 lakh.
The accused, identified as Yash Bulchandani and Neel Mehta, reportedly convinced the complainant Deepak Shah and several others to invest in the stock market, promising lucrative monthly returns and assured repayment of the principal amount. Shah, a resident of Isanpur, claimed he was introduced to the accused in May 2022 through a mutual acquaintance Vaibhav Modi.
As per police, Shah alleged that he had initially invested ₹10 lakh in June 2022, signing a Memorandum of Understanding (MoU) with Bulchandani at his office in Ratnakar Nine Square, Ahmedabad. The MoU guaranteed a monthly return of ₹10,000 on the investment. While returns were provided for the first two months, payments abruptly stopped, and excuses began.
By August 2022, Shah, encouraged by the initial returns, had increased his investment to ₹56 lakh, along with contributions from his relatives and friends. However, the accused allegedly stopped responding to calls and switched off their phones in December 2022, making it impossible for investors to reach them.
Neel Mehta, who acted as a guarantor for the scheme, is alleged to have assured investors of the safety of their funds. However, when approached for repayment, Mehta claimed he too had been defrauded by Bulchandani and could not recover the funds.
The complainant has accused both Bulchandani and Mehta of criminal conspiracy, fraud, and breach of trust. The case has been registered with the Satellite police station under relevant sections of the Indian Penal Code, and further investigations have been initiated.
Satellite police have registered a complaint in the matter and have started an investigation to track down the accused the involved in the fraud.