Ahmedabad, July 31 (IANS) Two operators of a jewellery business in the Dholka area of Gujarat have been arrested by the Ahmedabad Rural Local Crime Branch in connection with an alleged investment fraud in which around 40 local residents were reportedly cheated of more than Rs 10.67 crore after being promised high returns on investments in silver.
Police said the accused, identified as Ghanshyam Soni and Yash Soni, both residents of Rukshmani Park Society near Gayatri Mandir in Kalikund of Dholka taluka, allegedly persuaded the complainant and other investors to deposit money by claiming that the gold and silver jewellery trade generated substantial profits and that investments in precious metals would yield attractive returns.
According to the police, the accused accepted deposits totalling approximately Rs 10,67,57,176 from about 40 local people but failed to return the money.
Investigators alleged that after collecting the deposits, the duo closed the Hari Jewellers showroom, their shop and their residence before absconding.
A case was registered at Dholka Town Police Station under Sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita, 2023, along with Section 3 of the Gujarat Protection of Interest of Depositors (In Financial Establishments) Act, 2003.
Following their arrest, the accused were produced before the Special GPID Court, which granted the police five days’ remand to continue the investigation.
“The investigation will focus on recovering the defrauded funds so that investors may receive their money back,” officials said.
Officers are also examining whether the accused acquired any movable or immovable assets using the alleged proceeds of the fraud and whether any other individuals assisted them in carrying out the alleged offence.
The Ahmedabad Rural Local Crime Branch said further legal action will be taken based on the findings of the ongoing investigation.
–IANS
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