Gujarat : Retired Scientist Duped in Rs. 3.96 Crore Fraud Case

GANDHINAGAR, GUJARAT : A complaint has been registered at Adalaj police station involving a significant fraud case where the retired scientist was deceived into investing Rs. 3.96 crore. The victim was lured into a partnership scheme to invest in shops under the name Vivan Elysium at Jhundal and to purchase land in Gota, Gandhinagar.

Bharatkumar Doshi, a resident of Sector-1, Gandhinagar, and a retired Scientific Officer from the Institute of Plasma Research, filed the complaint. He stated that he was introduced to Chandrakant Amritlal Shah in 2021 through social and religious gatherings. Over time, Chandrakant gained Bharatbhai’s trust and persuaded him to invest in real estate ventures.

In April 2021, Chandrakant presented a scheme called Vivaan Elysium in Jhundal, proposing a partnership in selling shops. He claimed that he needed white money to replace the black money he had already invested. Bharatbhai, convinced of the scheme’s legitimacy, invested Rs. 1.70 crore through cheques made out to Chandrakant, his wife Ashaben, son Dip Shah, and daughter Krishi Shah. No formal documentation was made for this transaction.

Subsequently, Chandrakant showcased a piece of land in Gota and provided Bharatbhai with papers to support its purchase. Trusting Chandrakant further, Bharatbhai issued another cheque for Rs. 2 crore. Additionally, Chandrakant borrowed Rs. 55 lakhs from Bharatbhai, citing an urgent need for funds. This transaction was notarized.

However, Bharatbhai soon discovered that he was not part of any legitimate investment scheme as promised. The cheques provided by the Shah family bounced, revealing the fraudulent nature of the transactions. Realizing he had been duped, Bharatbhai lodged a complaint against Chandrakant Shah, his wife Ashaben, and their children Dip Shah and Krishi Shah at Adalaj police station.