This story is from February 19, 2021

SIT to probe Rs 76 crore cheating by Bhavnagar firm

SIT to probe Rs 76 crore cheating by Bhavnagar firm
Rajkot: Bhavnagar range IG, Ashok Kumar Yadav, on Thursday constituted a special investigation team (SIT) to probe allegations of Rs 76.55 crore fraud against a Bhavnagar-based firm. As many as 98 people have claimed that the firm, My Money Solution (MMS), with its office near Surabhi Mall, had duped them of lakhs of rupees by promising them better returns with investment in stock markets.

The SIT will be led by Dy SP A M Sayyed and will comprise local crime branch inspector V V Odedara and in-charge police inspector of Nilambaugh police station, N G Jadeja.
Police said that the allegation of fraud was first reported by Hasmukh Viradiya (43), based on which the Nilambaugh police had registered an FIR against five persons on Wednesday night.
The accused include partners in MMS company Chirag Mehta, Chirag Trivedi, Jaydeepsinh Gohil, Upen Joshi, and Surpalsinh Gohil. They have been booked for cheating, breach of trust and criminal intimidation.
In his complaint, Viradiya said that he had been investing in MMS company since its inception in 2014. However, after the death of one of its founding partners, Indrajitsinh Gohil (accused Surpalsinh’s son) in January 2021, he had stopped receiving the monthly payments for his invested money.
MMS invested money collected from its clients in the stock market and used to pay them profit every month. However, in December 2020, the company could not make payments to its investors. When the investors met Indrajitsinh (37), he said that they were currently facing financial crunch due to Covid-19 pandemic, but assured them that he would make payments next month. However, Indrajitsinh died of Covid-19 in January 2021. After this, the company stopped making payments totally to its investors.

When the investors met the other partners, they refused to take responsibility of the payments and said that since all transactions were handled by late Indrajitsinh, they were unaware of the operations. Indrajitsinh’s father Surapalsinh, who is also one of the partners in MMS company, had even allegedly threatened some of the investors if they demand money from him.
Following this Viradiya approached the police. And so far, total 98 people who had invested in MMS company have approached the police. They claimed the company partners owed them a total of Rs 76.55 crore.
Police said that the figure of Rs 76.55 crore was only from investors from Bhavnagar. The company had similar schemes running in Rajkot, Ahmedabad, Amreli, Junagadh and Botad, which will push the figure of what company owes its investors manifolds.
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