Ahmedabad Businessman Files FIR Over Rs 1.11 Crore Fraud by Thane Executive
A 46-year-old businessman operating from Bodakdev in Ahmedabad has lodged a formal police complaint, accusing a man from Thane, Maharashtra, of orchestrating a sophisticated fraud that resulted in the alleged siphoning of Rs 1.11 crore. The complaint was officially registered at the Gujarat University police station on Wednesday, marking a significant financial crime case under the newly implemented Bharatiya Nyaya Sanhita.
Details of the Alleged Fraud Scheme
The complainant, who manages multiple businesses including loan services and trading activities from an office near Vijay Crossroads, stated in the First Information Report (FIR) that the accused individual joined one of his companies as a senior executive in June 2024. His primary responsibility was to oversee operations at the firm's Mumbai branch, a position that granted him considerable trust and authority within the organization.
Shortly after assuming his role, the executive allegedly proposed expanding the company's business portfolio to include trading in food spices and various consumer goods. He presented compelling financial projections, claiming that this new venture would generate profit margins ranging from 7% to 10%. Convinced by these promising figures, the businessman began authorizing substantial fund transfers to vendors recommended by the accused for procuring spice packets and related products.
Pattern of Deceptive Transactions
Between May and December 2024, multiple bulk payments were made to different parties as part of this supposed business expansion. In a particularly concerning development in July 2024, the accused allegedly approached the company with an urgent personal request. He sought Rs 22 lakh, citing a pressing need to repay a home loan, and provided assurances that the amount would be repaid within two months. The funds were subsequently transferred to his personal bank account based on these assurances.
As time passed, the promised consignments of spices and goods consistently failed to materialize despite repeated follow-ups by the complainant. Growing increasingly suspicious, the businessman initiated an internal review of the transactions and business dealings. This investigation allegedly revealed a disturbing truth: the orders placed through the accused were completely fictitious, and the substantial funds had been systematically diverted for personal use rather than legitimate business purposes.
Police Investigation and Legal Action
According to police statements, the total amount involved in this alleged fraud stands at a staggering Rs 1.11 crore. In what appears to have been an attempt to placate the businessman, the accused reportedly provided a written assurance to repay the entire sum. However, he returned only Rs 50,000 in January 2025, after which no further payments were made, prompting the formal police complaint.
The Gujarat University police have registered a case under sections pertaining to cheating and criminal breach of trust within the Bharatiya Nyaya Sanhita. Authorities have confirmed that a thorough investigation is currently underway to uncover the full extent of the fraud and to trace the diverted funds. This case highlights the vulnerabilities that businesses can face when trust is exploited by individuals in positions of responsibility, particularly in cross-state financial transactions where oversight can be challenging.
The incident serves as a cautionary tale for business owners regarding the importance of rigorous verification processes for new ventures and the need for robust internal controls when dealing with substantial financial transfers, especially to personal accounts or unfamiliar vendors.
