In a shocking case of cyber fraud, a farmer from Rajkot district and his relatives have been allegedly cheated of a staggering sum of Rs 96.3 lakh by a man who promised them lucrative returns from the stock market. The incident highlights the growing threat of sophisticated financial scams targeting trusting individuals.
How the Elaborate Scam Unfolded
The victim, identified as Mahavirsinh Jadeja, a 42-year-old farmer, has filed a formal complaint at the University police station in Rajkot. He accused a man named Hiren Akbari, a resident of Dodiyala village in Jasdan taluka, of orchestrating the fraud. According to the complaint, Akbari presented himself as an active and knowledgeable stock market trader, luring investors with promises of attractive and high returns on their capital.
Trusting his assurances, Jadeja, along with approximately 12 of his relatives, decided to invest their hard-earned money. The collective investment pool amounted to a massive Rs 96.3 lakh. The financial transactions began on July 2, 2024. To build confidence and create a facade of legitimacy, Akbari reportedly paid out regular returns to the investors consistently until August 2025.
The Sudden Disappearance and Radio Silence
The scheme began to unravel when these promised payments abruptly stopped after August 2025. When Jadeja and his family members approached Akbari, demanding either their expected returns or the repayment of their principal investment amount, he allegedly began avoiding them. The accused offered a series of excuses to delay and deflect their inquiries.
The situation turned more suspicious over the last two months. The investors discovered that Akbari's office, located near Ayodhya Chowk on the 150-foot Ring Road in Rajkot, has remained shut. Furthermore, all attempts to contact him failed as his mobile phone was consistently switched off. This led the complainants to believe that Akbari has absconded with their funds.
Police Action and Case Registration
Based on the detailed complaint filed by Mahavirsinh Jadeja, the Rajkot police have initiated an investigation. Preliminary findings by the police indicate that while Jadeja himself was cheated of Rs 10 lakh, his extended family members collectively suffered a much larger loss of Rs 86.3 lakh.
The authorities have registered a formal offence under the Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), which deals with cheating and fraud. The case underscores the critical need for public awareness regarding too-good-to-be-true investment schemes, especially those promoted by unverified individuals outside the regulated financial system.
This incident serves as a stark warning for citizens to exercise extreme caution and conduct thorough due diligence before investing money, particularly in schemes promising abnormally high returns with little risk.
