The Ahmedabad City Police have registered a case against a Gandhinagar-based man for allegedly defrauding a city-based pharmacist of over 1.75 crore under the pretext of a profitable land investment.
The accused, identified as Bhavik Sureshbhai Raval, reportedly gained the trust of the victim, Deepak Dasharathbhai Patel (49), a resident of Sola and owner of Anjani Medical Store in Bodakdev. Patel stated that Raval, an old college acquaintance from C U Shah College, reconnected with him in June 2023 and later proposed a partnership in land trading ventures.
Raval allegedly persuaded Patel to sell his South Bopal shop for 1.19 crore, promising to invest the amount in land deals in Gandhinagar and Patan. However, after the shop was transferred to Raval’s name, the promised payment was never made. Raval instead produced a 34 lakh cheque “for documentation purposes,” which later bounced.
He later coaxed Patel into investing an additional 75.50 lakh in a land project in Sughad village near Gandhinagar, claiming he would match the amount and repay the investment with one per cent monthly interest within a year. Patel arranged the money through family and personal savings, but Raval neither returned the funds nor delivered any profits.
Although Raval repaid 13 lakh in January 2024 and signed a notarised undertaking in October 2024 promising to return 1.05 crore by March 2025, he defaulted again. Two cheques issued later—88 lakh and 87.50 lakh—were also dishonoured.
In total, Patel said he invested 1.94 crore, of which only 19 lakh was returned. The remaining 1.75 crore and assured profits remain unpaid.
Police have booked Raval under relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust. Officials said an investigation is underway to trace the money trail and verify property transactions linked to the accused.