Rajkot Snacks Manufacturer Accuses Two of Rs 10.98 Crore Investment Fraud
A prominent businessman from Rajkot has taken legal action after alleging a massive financial fraud. The snacks manufacturer filed a formal complaint with the Detection of Crime Branch police station, accusing two individuals of cheating him out of crores of rupees.
Details of the Alleged Fraud Scheme
The complainant, Darshan Vadaliya, operates a family-owned business that produces various snack items. According to his police complaint, the trouble began back in 2019 when Vijay Makadiya and Amit Bhanvadia approached him with what seemed like a lucrative business proposal.
Vadaliya states that the duo presented themselves as running a multi-generational business venture. They promised him an attractive annual return of 12 percent on any investment. More importantly, they guaranteed the return of his principal investment within a specific timeframe.
How the Money Was Transferred
Trusting these assurances, Vadaliya and his close family members began transferring substantial sums of money. Between 2019 and 2024, they deposited a total of Rs 6.91 crore into bank accounts controlled by Makadiya, Bhanvadia, and their associates.
Initially, the investment appeared to be working as promised. The Vadaliya family received over Rs 1.08 crore as returns on their investments during this period. This initial success likely reinforced their trust in the arrangement.
The Turning Point and Police Complaint
The situation changed dramatically when Vadaliya sought repayment of the principal amount. According to his complaint, both accused individuals suddenly became unreachable. They stopped answering phone calls and began avoiding any contact with the businessman and his relatives.
This complete breakdown in communication prompted Vadaliya to approach the authorities. He calculated the total financial loss, combining both the unpaid principal and the expected returns that never materialized. The complaint pegs this amount at a staggering Rs 10.98 crore.
The Detection of Crime Branch in Rajkot has now registered the case and begun their investigation. Police officials will examine the bank transactions, communication records, and other evidence to determine the validity of the allegations.
This case highlights the risks associated with private investment schemes, even those presented as family-run businesses. It serves as a cautionary tale for business owners considering similar financial arrangements without proper legal safeguards.
