The Enforcement Directorate in Ahmedabad has uncovered a significant haul related to a fraudulent stock market scheme that targeted unsuspecting investors. Acting under the Prevention of Money Laundering Act, officials seized assets worth crores from the main accused, Himanshu alias Pintu Bhavsar, and others. The recovered items include 110 kg of silver bullion valued at Rs 2.4 crore, 1.296 kg of gold bullion worth Rs 1.7 crore, 39.7 kg of silver jewelry, Indian currency totaling Rs 38.8 lakh, and foreign currencies amounting to around Rs 10.6 lakh.
During the operation, the ED also confiscated property-related documents suspected to be linked to the illicit gains. The investigation stemmed from an FIR filed by the Kheralu Police Station in Mehsana district, alleging that investors were duped with false promises of high stock market returns. Instead of investing or returning the funds, the accused allegedly diverted the money for personal use. Further inquiries revealed that the mastermind, Himanshu alias Pintu Bhavsar, and his associates established multiple offices in Mehsana, Visnagar, and Vadnagar to attract public funds.
Employees were hired to entice potential investors with lucrative stock market returns, leading to serious regulatory breaches. Himanshu Bhavsar was found to have misused an Investment Advisor Certificate from SEBI for the benefit of three unregistered companies involved in unauthorized investment advisory activities. SEBI has held these entities and their directors accountable for violating regulations. The ED is continuing its investigation to uncover more assets and unravel the full extent of the money laundering network behind the fraud.
