Ahmedabad AI Company Fraud Case: Vastral-Based Brothers Accused of Cheating Investors of Crores
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
Two brothers who own a gym in Ahmedabad’s Vastral area have been accused of cheating investors of crores of rupees by offering partnerships in an artificial intelligence (AI) company and promising high returns. The Economic Offences Wing (EOW) has registered a complaint against Mayursinh Rajput and his brother Madhavsinh Rajput over the alleged investment fraud.
According to the complaint, the brothers built investors’ confidence by claiming their company, Vidhyasetu Pvt. Ltd., operated from Dubai, had completed around 42 projects and had secured work from several universities. They allegedly projected that the company’s valuation would reach ₹140 crore.
Friendship at Vastral Gym Led to Investment Proposal
Tejasbhai Patel, a resident of Sahajanand Bungalows in Vastral who owns an engineering factory in Bakrol, reportedly met Mayursinh Rajput while visiting a gym in the area a few years ago.
During their friendship, Mayursinh allegedly told Patel that his IT company, Vidhyasetu Pvt. Ltd., had an office in Dubai and had successfully completed around 42 projects there. He also claimed that the company had secured projects from various universities.
The brothers allegedly invited Patel and others to invest in the company, which they said developed AI-based search engines and various software programmes.
Investors Put in ₹2 Crore
Trusting the brothers’ claims, Tejasbhai Patel allegedly invested ₹1.5 crore in the company. His friend, Mayurbhai, invested another ₹50 lakh, taking their combined investment to ₹2 crore.
The company’s office was set up at Akshardham Heights Complex on the SP Ring Road, according to the complaint.
The brothers allegedly used claims about the company’s Dubai projects, university contracts and projected valuation to persuade the investors to participate in the venture.
Alleged Fraud Came to Light During Office Visit
The alleged fraud surfaced when Tejasbhai Patel visited the company’s office and discovered what he suspected was a large-scale scam being carried out in the name of the business.
The complaint alleges that none of the projects Mayursinh had claimed to have completed were actually operational.
The EOW has registered a complaint against the two brothers and is investigating the allegations, including the claims made to investors about the company’s projects and valuation.
