Duped by Gitanjali ponzi scheme, Gujarat investors came forward to report fraud

RAJKOT: Four victims of Mehul Choksi and Nirav Modi’s Gitanjali Gems ponzi scheme have come forward in Bhavnagar and claimed that they have been duped under inveigle schemes.
A bank officer and a district panchayat officer are among them who are cheated.

Dharmedrasinh Jadeja, an ex-employee of the State bank of Saurashtra, lost Rs 1.20 lakh which he said was his hard-earned money. He had saved the money for the marriave of his two daughters.

Talking to TOI he said “Interest rates of banks and post office are reduced heavily, share market was also down and I was lured into 10% interest rate offered by Gitanjali Jewelers. I have two daughters and I was investing for their marriage.”

Gitanjali had offered an option to encash the money with interest at the time of maturity or buy the gold jewelry of the same amount. Dharmendrasinh was investing in this scheme since 2007 and had received returns as per promise till 2012.

During 2012, he invested Rs 1.20 lakh in 12 installments but he never got his money back.

Miraben Mancharamani, a district panchayat employee, had invested Rs 9000 and her neighbour Ashaben Dodaja also invested the same amount in a plan offered by Gitanjali Jewelers.

igvijaysinh Jadeja, the owner of Divyanirman Jewelers, owned a franchisee of Gitanjali in Bhavnagar. Jadeja was the first person to lodge an FIR against Nirav Choksi and alerted the authorities in 2015.

“Nearly 550 people from Gujarat were duped by this firm amounting nearly Rs 3 crore. Nirav Modi cheated people to the tune of Rs 250 to 300 crore in whole," Jadeja said.