Ahmedabad Woman Alleges Businessman, Mother Failed To Repay ₹35 Lakh Loan

A 37-year-old woman has approached Satellite police alleging that a businessman and his mother failed to repay ₹35 lakh borrowed from her and her brother for a business venture, despite repeatedly assuring them that the money would be returned within a few months.

The complaint was filed on September 18 by Juhi Shah, a territory manager with a private pre-school company. She alleged that the accused, Hitendra Hamsa Kakulpati, obtained the money after promising to repay it within three to four months.

Woman Says Businessman Asked For Money In 2023

According to the complaint, Shah knew Kakulpati through a common social circle and had developed a friendship with him over the years.

In August 2023, Kakulpati allegedly told her that he needed funds to start a new business and asked her to lend him money for three to four months.

His wife, Swati, and mother, Vani H Kumar Kakulpati, were allegedly present during some of the conversations and assured Shah that the money would be returned within the promised period.

Shah initially told Kakulpati that she did not have sufficient funds. She later informed him that money in her PPF account would become available in April 2024.

₹25 Lakh Transferred To Businessman's Mother

On April 4, 2024, Shah allegedly transferred ₹25 lakh through RTGS from her SBI account to Vani Kakulpati's ICICI Bank account.

She alleged that the transfer was made after repeated assurances that the amount would be repaid within three to four months.

Later that month, Kakulpati allegedly approached her for another ₹10 lakh, saying he needed the money for a short period.

Brother Allegedly Transfers Another ₹10 Lakh

As Shah did not have the additional amount, she approached her brother for help.

According to the complaint, her brother transferred ₹10 lakh on April 25, 2024, from his HDFC Bank account to Kakulpati's ICICI Bank account.

Shah said Kakulpati subsequently assured her that the entire ₹35 lakh would be returned within three to four months.

Repayment Allegedly Delayed Despite Repeated Assurances

The complainant alleged that the promised repayment did not materialise.

In October 2025, when she met Kakulpati, he allegedly told her that the money would be returned within a week or two. She said he repeated the assurance over the phone in November.

However, the repayment allegedly did not take place.

Woman Claims Accused Stopped Taking Calls

Shah alleged that Kakulpati subsequently stopped answering her calls.

She said she visited his residence twice but found the house locked. In February 2026, she contacted his mother regarding the money but was allegedly told not to call her.

Satellite Police Begin Investigation

Shah has alleged that Kakulpati and his mother obtained the money by assuring her that it would be returned within a few months and subsequently cut off contact.

She approached Satellite police seeking action against the two accused.

Police have registered the complaint and launched an investigation. Investigators are expected to examine the bank transactions, communications between the parties and other documents to establish the circumstances surrounding the alleged financial transactions.