Ahmedabad man alleges ₹1.28 crore fraud by teacher couple in real estate investment scam

An Ahmedabad-based mechanical engineer has lodged a formal complaint against a schoolteacher couple, alleging that they cheated him and his family out of over ₹1.28 crore by promising high returns on investments in real estate schemes in Gandhinagar and Ahmedabad.

Ravindra Kumar Prajapati, 39, who works as a mechanical engineer with Adani Solar, claimed that Kanaiyalal Patel and his wife, Sudhaben Patel, lured him and his relatives to invest in various land and building projects between 2022 and 2023.

The couple, who were known to Prajapati’s wife through her job as a teacher in a primary school in Mehsana district, allegedly convinced the complainant to part with his savings by promising lucrative returns from land and property deals.

According to the complaint, Prajapati and his family invested a total of ₹2.53 crore — comprising ₹1.43 crore transferred through bank transactions and ₹1.09 crore in cash — in schemes promoted by the accused. The investments were purportedly for the purchase of plots in Gandhinagar’s Gift City and in housing schemes branded as Vishakha Olivia, Vishakha Eliana, and Vishakha Emperian.

The accused reportedly provided handwritten diaries as receipts for the cash transactions and promised to return the principal amount along with profits by December 2023. However, when the money was not returned, Prajapati and his family confronted the accused during the Diwali festival last year. The accused then offered to transfer ownership of two shops in the Vishakha Emperian scheme as a substitute for the unpaid investment.

One shop, valued at ₹83 lakh, was duly transferred to the complainant in July 2024. However, disputes arose over the second shop, valued at ₹1.83 crore, as it had been pre-sold to another party. After negotiations at the builder’s office, Prajapati was refunded ₹41.5 lakh in cash as his share from the second shop. Nevertheless, a sum of ₹1.28 crore remains unpaid to date.

The complaint further alleges that three cheques issued by Kanaiyalal Patel in an attempt to settle the debt bounced due to insufficient funds. Repeated attempts to contact the couple have failed, with their phones switched off and their whereabouts unknown.

Prajapati has accused the Patels of orchestrating a well-planned criminal conspiracy to defraud him and his family under the guise of real estate investments. He has demanded legal action against the couple to recover the outstanding amount and ensure justice.

The Sabarmati police have registered the case and initiated a probe into the allegations.