Vaghasiya had launched attractive investment scheme

Surat: Police investigation into the family suicide of Vijay Vaghasiya (35), who had jumped to death from the top floor of 12-storey building in Sarthana with his wife and four-year-old son, on February 28 has revealed that he had launched a scheme promising attractive returns on investments.
Vaghasiya was running Zion Urban Credit Cooperative Society and had received investments from people who were lured by the high return promise.

Vaghasiya offered Rs 10 lakh in return for a one-time investment with a lock-in period of four years. If a person invested Rs 1.28 lakh consecutively for four years, he promised to pay them Rs 40 lakh after six years. The details were revealed during the questioning of few investors whose names were found in the books that Vaghasiya maintained.

“He was not in position to return the promised returns due to which he took the extreme step. He killed other family members fearing that they would be harassed after his death,” said N D Chaudhary, police inspector, Sarthana.

“We have identified three investors so far from the records recovered. We are searching for others,” he said.

Investigation also revealed that he had recently shifted to the apartment costing Rs 1 crore with his family and a large chunk of this money was paid by him. He had also organized a grand house warming function in which over 1,000 guests were invited.

Meanwhile, police commissioner Satish Sharma has ordered all police stations to check licences of all private financiers.