Ahmedabad CID Investigates Multi-Crore Investment Fraud
The Crime Investigation Department (CID) in Ahmedabad has taken action against a suspected financial scam. On Saturday, officials registered a formal complaint following allegations from an Ahmedabad-based trader and two other individuals. They claim to have lost more than Rs 3.8 crore in what appears to be a Ponzi-style investment scheme.
Promises of High Returns Lure Investors
The scheme operated under the name "Grow Money The Trading Platform." According to the complaint, a woman named Jigisha Jadav presented herself as a stock market trader. She aggressively promoted the scheme with bold promises. Jadav allegedly guaranteed monthly returns ranging from 20% to 23% on investments.
Shirishkumar Patel, the primary complainant, detailed how Jadav used social media, particularly Facebook, to build credibility. She shared screenshots that supposedly showed trading profits. Jadav assured potential investors that their principal amounts remained completely safe.
Long-Term Familiarity Used to Build Trust
Patel's wife had known Jadav since 2009. This long-standing connection reportedly played a key role in establishing trust. Between June 2023 and March 2024, Jadav organized Zoom meetings and in-person seminars in Ahmedabad. Her marketing slogan, "Invest More, Grow Money More," encouraged people to put in larger sums.
Enticed by the prospect of high and consistent profits, Patel invested a massive Rs 3.2 crore. This amount included Rs 1.9 crore transferred through banks and Rs 1.3 crore delivered in cash via angadiya firms. Two other investors, Manishkumar Parmar and Vipulkumar Parmar, together invested nearly Rs 59 lakh.
Initial Payouts Followed by Sudden Silence
In the beginning, the scheme seemed to work. Patel received returns of about Rs 1.5 crore. The other investors also got smaller profit payments. These early payouts encouraged them to invest even more money into the platform.
However, the situation changed dramatically in February 2024. The monthly returns stopped completely. Despite repeated demands from the investors, Jadav did not repay the principal amounts. The promised payments ceased without explanation.
Evidence Submitted and Investigation Launched
Patel has provided substantial evidence to the CID Crime officials. This evidence includes bank statements, receipts from angadiya firms, and initial investment acknowledgements. The documents aim to trace the flow of money and establish the fraud.
CID officials confirmed that a detailed investigation is now underway. Their primary goals are to locate the missing funds, identify other possible victims, and determine if more individuals were involved in this alleged operation. The case highlights the risks associated with investment schemes promising unusually high returns.
