Navrangpura police have registered a case against the directors and managers of an Ahmedabad-based investment company for allegedly cheating investors of ₹14.83 lakh by failing to repay the maturity amount of fixed deposits (FDs) and monthly income schemes.
Retired Man Alleges Company Promised High Returns
The complaint was filed by Vishnubhai Bholidas Patel (58), a resident of Kalol in Gandhinagar district. He alleged that in 2017 he was introduced to Unique Mercantile India Limited, which operated from an office near the Old High Court in Navrangpura.
According to the complaint, company agents Sanjay Patel and Rajesh Patel persuaded him to invest in fixed deposit and monthly income schemes by promising attractive returns.
The FIR names company directors Utkarsh Rai, Rahul Rai and Raj Kumar Rai, along with managers Mukeshbhai Patel and Ghanshyambhai Patel.
Investments Made Between 2017 and 2018
Patel claimed he joined the company as an agent in June 2017 and was encouraged to bring in more investors with the promise of commissions and assured returns.
He said he invested his own money and also convinced family members and other investors to invest in the company’s schemes between 2017 and 2018.
According to the complaint, investments worth ₹11.65 lakh were collected through him, while the total maturity amount payable later reached ₹15.93 lakh.
Payments Stopped After 2020
The complainant alleged that the company paid interest, commissions and some returns until 2020, after which payments stopped.
When investors demanded their money, they were allegedly told that the company was facing financial problems due to the Covid-19 pandemic and that payments would be made later. However, the company allegedly shut down without clearing the dues.
Police said only ₹1.10 lakh was returned to some investors, leaving ₹14.83 lakh unpaid.
Police Register FIR, Investigation Underway
Based on the complaint, Navrangpura police have registered an FIR against the company’s directors and managers under relevant sections of the Bharatiya Nyaya Sanhita (BNS) for alleged cheating and criminal breach of trust.
Police are now investigating the financial transactions, identifying other affected investors and determining the full extent of the alleged fraud.