AHMEDABAD: On Wednesday, the CID (Crime) lodged a complaint regarding an alleged financial fraud exceeding Rs 1.56 crore tied to an investment scheme associated with a commercial project in GIFT City. The complaint stated that investors were enticed with promises of high monthly returns and a buyback guarantee, but later found their repayment requests denied.
As per the complaint, in 2021, a group of investors was approached by a real estate intermediary who presented an investment opportunity in the WTC GIFT City Tower-C. The investors were informed that by purchasing commercial units in the project, they would receive a monthly return of 1% on their investment, along with a buyback option after two years and a 12% bonus.
Officials indicated that the investors were taken to a corporate office in GIFT City, where they received explanations of the scheme from company representatives. They were assured that all transactions would occur through bank transfers, and promised formal agreements and post-dated cheques to secure the invested amount and the promised bonus.
Trusting these assurances, three individuals collectively invested Rs 1.56 crore in 2021, making payments via cheques and bank transfers to accounts associated with the project. The company subsequently issued booking letters and agreements related to a commercial shop in the planned development.
For about a year, the investors reportedly received monthly returns credited to their bank accounts, which solidified their trust in the scheme. However, payments allegedly ceased after September 2022.
Upon depositing the post-dated cheques issued by the company for the repayment of the principal amount and bonus, most were dishonored by the banks. Investigators revealed that the investors claimed that over Rs 1.27 crore of their investment had not been returned.
Following the filing of the complaint, the CID (Crime) began an investigation into the alleged fraud. Officials are currently reviewing financial transactions, agreements, and the roles of the company representatives associated with the project, with further investigation ongoing to ascertain whether more investors were similarly affected and to identify all individuals involved in this alleged financial fraud.
