Man arrested for cheating 178 of Rs 3.38cr
Surat:
Chowk Bazar police
arrested a man for allegedly cheating 178 investors of Rs 3.38 crore. The accused, Nilesh Jadav, opened an investment and real estate firm and lured people with promises of good returns. He collected money from them but stopped giving them returns in April 2024.
According a complaint by Chetan Vaghela, Jadav owned a franchise of LKP Securities and Vaghela had his trading account with them in 2012. In 2020, Jadav told Vaghela that he opened a new firm named Nilesh Investment and Share Broking and Real Estate. Jadav also offered him a job, which Vaghela accepted.
Jadav instructed Vaghela to bring people who wanted to invest in a scheme with 1.5% monthly return. Vaghela started with a Rs 60,000 investment in the firm. Vaghela's 178 friends and relatives, including Chandresh Rana, Vinod Rana, and Jayesh Rana, invested crores with the firm since 2020. Some of them also received returns.
However, Jadav stopped giving returns in April 2024. When Vaghela's relatives raised the issue with him, he told them that Jadav would provide three months' returns together. Jadav also lured other investors with cheap apartments in his real estate projects and issued them share certificates.
As he did not return the money as assured, Vaghela and other investors contacted Chowk Bazar police and filed a complaint on Tuesday.
Inspector N G Chaudhary said: "We have nabbed Jadav after receiving the complaint. We are investigating if Jadav has cheated more people. Apart from BNS, we have also applied sections of the Gujarat Protection of Interest of Depositors Act in the case."
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