Retired Bank of Baroda Manager Loses ₹37.8 Lakh in Alleged Stock Market Fraud
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
A retired senior manager of Bank of Baroda has accused a 57-year-old stock market trader of cheating him of ₹37.8 lakh after allegedly collecting ₹46.05 lakh on the promise of high returns. Chandkheda police have registered a case and are investigating the allegations.
The complainant, Hasmukhbhai Chhaganbhai Parmar, 63, a resident of Koteshwar village in Gandhinagar, alleged that Satishbhai Rasikbhai Shah took money from him between December 2025 and January 2026 for stock market investments but failed to return the outstanding amount.
Initial Investment Encouraged Further Payments
According to the complaint, Parmar met Shah on December 1, 2025, after a mutual acquaintance, Snehal Patel, recommended the trader for investment. Shah allegedly dealt in shares and stock market transactions.
Parmar subsequently visited Shah's office at Suyog Complex on New CG Road, where they discussed investing money in exchange for profits.
The complainant initially invested ₹1.55 lakh through a cheque and mobile banking. Around 16 days later, Shah allegedly returned ₹1.75 lakh, including a profit of ₹20,000. The initial return reportedly encouraged Parmar to invest larger amounts.
₹46.05 Lakh Transferred Through Banking Channels
Between December 4, 2025, and January 17, 2026, Parmar allegedly made several additional payments through cheques, IMPS, RTGS, NEFT and other banking transactions.
The transfers included ₹5 lakh on December 4, followed by ₹3.25 lakh through a cheque and another ₹3.5 lakh through other banking channels on December 5. Further payments were made over the following weeks.
According to the complaint, the total investment eventually reached ₹46.05 lakh. Shah allegedly returned ₹8.25 lakh in instalments to Parmar and his wife's bank accounts between December 2025 and April 2026, leaving ₹37.8 lakh outstanding, apart from the promised profits.
Cheques Bounced Over Insufficient Funds
Parmar further alleged that Shah issued several cheques from his Union Bank account towards repayment. However, some of the cheques were returned unpaid due to insufficient funds.
The retired bank manager said he had initiated legal proceedings through a lawyer in connection with two cheques worth ₹10 lakh each.
Alleging that Shah used the money for personal gain instead of the agreed investment purpose, Parmar approached the police and sought action for cheating and breach of trust.
Chandkheda police have registered a case, and further investigation is underway. The allegations against Shah are yet to be established.
