Ahmedabad Transport Operator Cheated of ₹41 Lakh as Satellite Investment Firm Faces Fresh Fraud Charges
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Summarized by AI; it may make mistakes. Check important info
Satellite police have booked four partners of an Ahmedabad financial services firm after a transport business owner and his father were allegedly defrauded of ₹41 lakh under the pretext of high-yield stock market returns backed by fake digital portfolio records.
The FIR names Mihir Jitendrabhai Parikh, his wife Dhara Mihirbhai Parikh, his mother Geeta Jitendrabhai Parikh, and Hemrajsinh Vikramsinh Rana—all partners at M.P. Fincorp Services, operating out of Shivalik Shilp near ISKCON Char Rasta.
Loan Against Mutual Funds Leveraged for Scheme
According to the complaint lodged on September 10 by Roopsingh Tomar, a resident of Vastral, he approached Mihir Parikh in 2024 for investment advice. Having known Parikh for nearly a decade through past insurance and mutual fund transactions, Tomar trusted the firm's promise of 2 per cent monthly returns—roughly 24 per cent annually—payable every three months.
When Tomar cited a lack of liquidity, Parikh allegedly arranged a loan against the Tomar family's existing mutual fund portfolio through Piramal Finance at an interest rate of 10.15 per cent per annum, claiming the leveraged funds would yield net positive returns when reinvested with M.P. Fincorp Services.
On April 18, 2024, a total of ₹41 lakh was transferred via RTGS into the bank account of M.P. Fincorp Services, comprising ₹38 lakh from Tomar's father, Baljitsingh, via State Bank of India, and ₹3 lakh from Tomar's ICICI Bank account.
Fabricated Mobile App and False Portfolio Statements
To reassure the investors, Parikh directed Tomar to track his portfolio through a mobile application named 'MY WEALTH', which displayed company names, share quantities, acquisition costs, and live valuation gains.
However, when the first quarterly payout fell due, Parikh began offering evasive answers while the Tomars continued servicing their monthly loan instalments to Piramal Finance. When Tomar demanded a full refund of the principal amount to settle the underlying loan, Parikh issued a PDF statement showing stock transaction dates, exchange logs, and selling prices, promising that the liquidated capital would land in their bank account within days.
Subsequent office visits and direct interventions with partner Hemrajsinh Rana yielded further verbal assurances but no cash flow. Tomar later verified actual stock exchange ledgers and confirmed that no shares had ever been bought or sold in his or his father's name, establishing that the 'MY WEALTH' dashboard and generated PDFs were entirely fabricated.
Multiple FIRs and Widening Investigation
Satellite police have registered a case against all four partners under relevant provisions of the Bharatiya Nyaya Sanhita, 2023, covering charges of cheating and forgery.
Investigators are currently examining the firm's bank statements, digital logs associated with the 'MY WEALTH' platform, and the specific roles played by each partner. Police noted that three other victims—Dharmesh Umeshbhai Shah, Ranjanben Vinodchandra Thakar, and Babulal Somabhai Patel—have also reported being defrauded by the group under identical pretexts.
The latest action adds to two previous FIRs (March 2026 and April 2026) registered against M.P. Fincorp Services at Satellite police station in 2026. The systematic pattern of alleged fund diversion aligns with broader legal troubles facing the promoter, including a separate case where an Ahmedabad businessman alleged a ₹5 crore investment fraud involving Mihir Parikh and his financial services firm.
