A major financial fraud case has surfaced in Ahmedabad, where four individuals have been accused of cheating investors of over ₹1.07 crore by promising high returns in stock market investments.
A complaint was registered at Satellite Police Station on April 8 by Nitin Satyaveer Singh, acting as power of attorney holder for businessman Vivek Agarwal and his wife Shruti Agarwal.
According to the FIR, the accused, led by Mihir Jitendrabhai Parikh of M P Fincorp Services, lured the victims with promises of 15–20% annual returns. They allegedly convinced the couple to take loans against their mutual fund investments through an NBFC, resulting in loans worth around ₹1.34 crore.
Police said instead of investing the money, the accused transferred the funds to their company account and diverted it for personal use. When the victims demanded returns, the accused allegedly delayed payments and shared fake investment statements bearing the name of Motilal Oswal Financial Services to appear genuine.
Verification later revealed that no such investment accounts existed, and the documents were forged. The accused also issued multiple cheques as security, which were dishonoured when deposited.
Investigators found discrepancies in the firm’s records, including the absence of a named partner from official documents, raising further suspicion.
While ₹26.49 lakh was returned, the remaining ₹1.07 crore is still unpaid. Police have registered a case for cheating, forgery, criminal breach of trust, and conspiracy, and further investigation is underway.