Ahmedabad: A 35-year-old mechanical engineer, Hardik Patel, lodged a complaint with Kadi police against three persons for running a fraudulent investment operation, resulting in losses of Rs 8.58 crore for him and others. The cheating occurred between 2018 and 2023.
In 2017, Hardik relocated with his family to New Shyam Dharti City Society in Kadi. The following year, he encountered Kanaiyalal Patel, a teacher at Shobhasan Primary School, who claimed expertise in tobacco investments. Hardik's initial investment of Rs 4 lakh generated annual returns of Rs 72,000 until 2022.
Subsequently, Kanaiyalal, accompanied by his wife Sudha and brother-in-law Kanaiyalal Sankabhai Patel, began seeking investments from various people for property and land ventures. They claimed to invest in Visakha Group projects, Royal Dream Construction, and GIFT City land in Gandhinagar.
Believing the notarised agreements and verbal commitments, Hardik and others invested their money. However, the accused failed to honour repayment schedules and offered various excuses.
Investigations indicated that the accused utilised the fraudulent funds to acquire properties in Ratanpur and invest in mills across Gandhinagar and Ahmedabad, among other ventures.
According to the complainant, the accused shut their office, became uncontactable, and issued fraudulent notices to avoid repayments. When confronted about the money, Sudha reportedly threatened legal consequences.
Initial investigations indicate the accused duped several people of Rs 100-125 crore. The Kadi police have registered the case and begun investigation.