Rajkot Investment Scam: Four Friends Duped of Rs 1.48 Crore in Alleged High-Return Scheme
In a shocking financial fraud case, four friends from Rajkot city have collectively lost over Rs 1.48 crore after being enticed into a high-return investment scheme allegedly operated by a family with overseas connections. The complaint was filed by 28-year-old Virendrasinh Parmar with the detection of crime branch (DCB) police station against Sagar Khunt, Arvind Khunt, Jyotsna Khunt, Gaurang Khunt, and others under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Gujarat Protection of Interest of Depositors Act.
How the Investment Scam Unfolded
According to the complaint, Parmar first met Sagar Khunt nearly a decade ago at a gaming zone in Rajkot. In 2023, Sagar approached him with an investment opportunity, claiming to run a Dubai-based trading firm named Nisha Investment Consultants. He allegedly promised lucrative monthly returns of 4-5% and assured that his family members in Rajkot handled the firm's financial operations, creating an illusion of legitimacy and trust.
Trusting the offer, Parmar invested over Rs 56 lakh in phases. Initially, he received regular monthly returns, which encouraged three of his friends to also invest in the scheme. Together, the four friends invested approximately Rs 1.74 crore, demonstrating how the scam expanded through word-of-mouth among acquaintances.
Payments Halt and Massive Losses
While the accused reportedly paid back Rs 26.7 lakh to the victims, payments stopped abruptly after March 2025. The victims now claim that more than Rs 1.48 crore remains unpaid, highlighting the severe financial impact of the alleged fraud. This sudden cessation of returns raised red flags and prompted the victims to approach the authorities.
Police Investigation and Legal Actions
Investigating officer P J Parmar stated that preliminary findings suggest the accused duped the four friends under the guise of investment returns. "We are examining bank account details and verifying whether more investors have been cheated," he said, indicating that the scam might have a broader reach beyond the current complainants.
Police have launched a search for the accused, while further investigation is underway to uncover the full extent of the fraud. The case is being probed under the Bharatiya Nyaya Sanhita and the Gujarat Protection of Interest of Depositors Act, which are designed to protect depositors from such financial malpractices.
Broader Implications and Warnings
This incident serves as a stark reminder of the risks associated with high-return investment schemes, especially those promoted with claims of overseas operations. Authorities urge the public to exercise caution and verify the credentials of investment firms before committing funds. The investigation continues as police work to track down the accused and recover the lost money for the victims.
