Ahmedabad businessman duped of over ₹1 cr in Jaguar car fraud, property auction scam

In a shocking case of breach of trust and financial deception, an Ahmedabad-based financial consultant has filed a detailed police complaint against Chiragbhai Baldevbhai Parekh, alleging cheating to the tune of ₹1.06 crore through a series of dubious property and car sale transactions.

According to the FIR filed by Dilipbhai Banarsilal Mallah, a director of Finanment Capital India Pvt Ltd, the accused built a relationship of trust with him while seeking financial consultancy and car loan facilitation.

Initially introduced through a mutual associate, Parekh expressed interest in acquiring a Jaguar F-Pace model vehicle and later persuaded Mallah to invest in a bank-auctioned property in Ahmedabad’s Sabarmati area.

Over several months starting September 2023, Mallah transferred a total of ₹66.39 lakh to Parekh via bank RTGS and cash, both for the Jaguar car and his alleged partnership in the auction property. Mallah further alleges that Parekh sold the Jaguar car for ₹40 lakh but failed to transfer the ownership or provide an NOC, despite repeated assurances.

Additionally, after jointly winning the auction for the Sabarmati property with a bid of ₹2.62 crore, Parekh allegedly asked Mallah to transfer ₹11.89 lakh to the account of his chartered accountant’s wife under the pretext of urgent payment to the bank. However, it later emerged that the auctioned property had been sold without Mallah’s consent to one Ravi Bhandari through Gauri Suta Proteins Ltd., entirely excluding Mallah from the deal.

When Mallah requested a notarised partnership document to formalise my investment, Parekh became aggressive and issued threats, including damaging personal disclosures.

The total financial damage amounts to ₹1.06 crore, including the undisclosed transfer of funds and fraudulent sale of the car. Mallah has demanded criminal proceedings against Parekh under relevant sections about breach of trust, cheating, and criminal intimidation.

The case has been registered at the Chandkheda Police Station, and further investigation is underway. Police are also verifying banking transactions and tracing other potential victims linked to the accused.