22-yr-old student accuses nine of extortion, harassment over trading debts
Rajkot: A 22-year-old BBA graduate from Jaipur National University has filed a police complaint against nine prople, accusing them of harassment and extortion related to
stock market trading debts
that escalated over three years.
The complaint, lodged at Rajkot taluka police station, followed the student's suicide attempt in late April.According to police, the complainant, Sagar Gajjar, studied trading online during the pandemic while living with his family in Raviratan Park.
Trading through a demat account opened in his mother's name, Gajjar incurred losses of around Rs 3 lakh between 2020 and 2023, which he kept hidden from his family.Subsequently, two acquaintances, brothers Jaydeep and Janak Boricha, proposed a trading partnership and gave him Rs 5.5 lakh to invest. Gajjar initially returned Rs 2 lakh, but further losses led the brothers to demand repayment of the full amount with profits.To manage the debt, Gajjar borrowed Rs 2.5 lakh from Karan alias Deky Mer at a monthly interest rate of 10%, and another Rs 5 lakh from Mer's associate under similar terms. Despite transferring Rs 6.99 lakh to the Boricha brothers, they allegedly demanded Rs 7 lakh more.Gajjar continued borrowing at high interest, including Rs 4 lakh from Kuldeep Vadher at 3% monthly interest. According to the complaint, when he failed to repay, some of the accused seized his motorcycle, smartphone, and cash.On April 25, under extreme mental stress, Gajjar reportedly attempted suicide by overdosing on sleeping pills. After recovering in hospital, he approached the police.Based on his complaint, Rajkot police booked nine individuals — Jaydeep Boricha, Janak Boricha, Karan alias Deky Mer, Kuldeep Vadher, Karan Kaneria, Kuldeepsinh Jadeja, Neel Lodhiya, Danish Pabari and Mahavir Dhakhda — under charges of extortion, criminal intimidation, and various sections of the Gujarat Money Lenders Act. Investigations are ongoing.
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