LIC Agent in Rajkot Alleges Rs 32 Lakh Investment Fraud by Surat and Ahmedabad Associates
In a significant development from Rajkot, a 42-year-old insurance agent has formally lodged a complaint with the Gondal City B Division police station, accusing four individuals associated with investment firms in Surat and Ahmedabad of financial fraud and criminal breach of trust. The case highlights growing concerns over investment scams in the region.
Details of the Complaint and Accused Parties
According to police officials, the complainant, Kamlesh Raiyani, has named Manoj Hirpara of Surat, Jaydeep Hirpara of Ahmedabad, and Surat-based Ritvik Ribadiya and Kaushik Kathrotiya as the primary accused. Raiyani, who has been working as an agent with the Life Insurance Corporation (LIC) since 2014, reportedly came into contact with these individuals in 2016 through a mutual acquaintance.
Initial Investments and Trust Building: The accused introduced Raiyani to their firms, Ample Business and Ocean Technology, with promises of high returns on investments. Police reports indicate that Raiyani initially invested Rs 1,200, followed by a larger sum of Rs 1.3 lakh. In the early stages, the accused allegedly credited returns to Raiyani, which helped build trust and encouraged further financial commitments.
Escalation of Investments and Alleged Fraud
Over time, this trust led to substantial investments from Raiyani and his father, Jayanti Raiyani, totaling Rs 32 lakh. However, the situation took a turn when the accused reportedly stopped making payments and began avoiding repayment under various pretexts. Despite repeated attempts by Raiyani to recover the funds, his efforts proved futile, prompting him to seek legal recourse.
Police Investigation Underway: Authorities have confirmed that a probe has been launched into the matter. Efforts are currently focused on tracing the accused using a combination of technical surveillance and human intelligence. The case has been registered under IPC sections 409 (criminal breach of trust) and 120B (criminal conspiracy), along with provisions of the Gujarat Protection of Interest of Depositors Act, underscoring the seriousness of the allegations.
Broader Implications and Community Impact
This incident sheds light on the vulnerabilities faced by individuals in investment schemes, particularly those promising high returns. It serves as a cautionary tale for investors to exercise due diligence and verify the credentials of firms before committing funds. The police are urging the public to report similar incidents to prevent further fraud in the area.
