Several kilograms of gold and silver, valued at over Rs 4 crore, were confiscated by the Enforcement Directorate (ED) from Gujarat’s Mehsana district. The ED’s Ahmedabad Zonal Office recovered 110 kg of silver bullion worth Rs 2.4 crore, around 1.296 kg of gold bullion valued at Rs 1.7 crore, 39.7 kg of silver jewelry, Indian currency equivalent to Rs 38.8 lakh, foreign currencies amounting to at least Rs 10.6 lakh, and various property documents in connection with Himanshu alias Pintu Bhavsar and others, as per an official statement.
The seizure was made in relation to a fraudulent stock market investment scheme involving common investors under the Prevention of Money-Laundering Act (PMLA), 2002. The ED launched an investigation based on an FIR filed by Kheralu Police station in Mehsana district against Himanshu alias Pintu Bhavshar and others under various sections of the Indian Penal Code, 1860.
According to the FIR, the accused enticed the complainant to invest in the stock market promising substantial profits but later deceived the complainant by not returning the investments. It was discovered that the accused did not invest the funds in any company shares but used them for personal gain. Subsequent investigations revealed that six additional FIRs were filed in different states across India, totaling a fraud amount of Rs 10.87 crore.
The mastermind Bhavsar, along with other accomplices, established multiple offices in Mehsana, Visnagar, and Vadnagar to attract funds from the public in the guise of stock market investments. They employed individuals to solicit funds from potential investors by promising high returns.
During the PMLA investigation, it was found that Himanshu Bharatkumar Bhavsar utilized an Investment Advisor Certificate issued by SEBI for unregistered investment advisory activities of Vishwas Stocks Research Pvt. Ltd., Dalal Stocks Advisory Pvt. Ltd., and Devki Stocks Pvt. Ltd. The three entities lacked SEBI registration as investment advisors and collaborated with Bhavsar to meet this requirement.
SEBI’s order held Vishwas Stocks Research Pvt. Ltd., Dalal Stocks Advisory Pvt. Ltd., Devki Stocks Pvt. Ltd., and its Directors, including Himanshu Bharatkumar Bhavsar alias Pintu Bhavsar, accountable for violations related to offering investment advisory services.
