Ahmedabad firm alleges ₹1 crore stock market fraud, fake Motilal Oswal ledgers used to dupe investors

A major financial fraud case involving alleged misuse of loan funds and forged investment documents has come to light in Ahmedabad, with a complaint filed at the Satellite Police Station accusing four individuals of cheating investors of over ₹1.07 crore under the pretext of stock market investments.

According to the police, a case was registered on April 8. The complaint has been filed by Nitin Satyaveer Singh, an operations manager at a private firm, acting as the power of attorney holder for city-based businessman Vivek Agarwal and his wife Shruti Agarwal.

The FIR alleges that the accused, led by Mihir Jitendrabhai Parikh, induced the victims to invest loaned funds in the stock market by promising high returns of 15–20 per cent annually through his firm, M P Fincorp Services.

Police said the accused persuaded the victims to avail loans against their mutual fund portfolios through a non-banking financial company. Based on this, loans totalling approximately ₹1.34 crore were sanctioned in the names of Vivek and Shruti Agarwal. 

The complainant alleged that instead of investing the funds as promised, the accused transferred the loan amount into their company’s bank account and diverted it for personal use.

When the victims sought returns or repayment, the accused allegedly delayed the process on various pretexts. To maintain credibility, Mihir Parikh reportedly shared stock investment statements bearing the letterhead of Motilal Oswal Financial Services via WhatsApp, claiming the funds had been invested in equities.

However, upon verification with the company, the complainant discovered that no such accounts or investments existed in the names of the victims, and the documents provided were fabricated.

The accused allegedly issued multiple cheques from different bank accounts as security, assuring repayment. These cheques, when deposited, were dishonoured, further strengthening suspicions of fraud.

Investigations revealed that one of the signatories on the cheques, purportedly a partner named Hemraj Rana, did not appear in the official partnership records of the firm, raising additional concerns about the authenticity of the transactions.

While the accused returned ₹26.49 lakh to the victims, a remaining amount of ₹1.07 crore was not repaid, amounting to cheating and criminal breach of trust.

Satellite police have registered a case under relevant sections pertaining to cheating, forgery, criminal breach of trust, and conspiracy. The investigation has been assigned to a police inspector, who will examine financial transactions, verify documents, and record statements of all involved parties.

Further investigation is in progress.