Ahmedabad trader duped of ₹50 lakh in ‘RTGS return’ scam, 4 booked

A 46-year-old hardware trader in Naranpura has lodged an FIR alleging he was cheated of ₹50 lakh by four men who promised to convert the cash into ₹75 lakh through an alleged 'RTGS return scheme' linked to a Mumbai-based telecom infrastructure company.

Harsh Darshanbhai Seth, who runs Padmavati Hardware in Shahibaug, told police that the accused convinced him that several companies “require cash for internal purposes” and, in return, offer 5–7 per cent extra when routing the amount through bank transfers.

Accused promised ₹75 lakh via RTGS for ₹50 lakh cash

As per the FIR, Seth came in contact with one of the accused, Rupesh Ajaykumar Shah, through his long-time employee. Over the past three months, Shah allegedly gained Seth’s confidence by repeatedly claiming that he handled white entry transactions for companies and routinely provided clients with additional returns.

On September 28, 2025, Shah allegedly informed Seth that a 'contact' at Indus Tower, a Mumbai-based firm, was willing to accept ₹50 lakh in cash and transfer ₹75 lakh into Seth’s account via RTGS. Of this, Seth was told he would retain ₹62 lakh, while ₹13 lakh would be paid as commission to those arranging the deal.

Trader handed over cash at angadia office in Navrangpura

The FIR states that on October 7, 2025, Seth, accompanied by his employee Chirag Modi, went to S P Enterprise, an angadia firm at ISKCON Arcade, C G Road, after being instructed by Shah and his associates.

There, another accused, Tushar Ramjibhai Chauhan, allegedly directed Seth to prepare a handwritten note mentioning the giver and recipient’s names, and to hand over the money for deposit. The cash was counted at the angadia counter and confirmed to be ₹50 lakh.

The amount was then allegedly transferred internally through the angadia network to Sandeep alias Rashid, another accused, with confirmation issued by an associate named Arif of S P Enterprise, Vadodara.

No RTGS received, accused went incommunicado

Despite assurances that ₹2.75 lakh would be transferred within minutes as an initial RTGS entry, no amount was credited to Seth’s account. Attempts to reach the accused were unsuccessful, and the complainant later discovered that the money had already been collected by Sandeep alias Rashid, the FIR states.

Seth alleged that the four accused—

• Rupesh Ajaykumar Shah (39),

• Tushar Ramjibhai Chauhan (50),

• Bhavin Lakhmanbhai Vachhani, and

• Sandeep alias Rashid

acted together in a “pre-planned conspiracy” to lure him with promises of inflated RTGS returns, take the ₹50 lakh cash through the angadia route, and disappear without transferring any amount.

The FIR has been registered at Navrangpura police station. The accused collectively committed offences of cheating, breach of trust, and criminal conspiracy by inducing the complainant with false assurances and misusing the angadia system to siphon the money.

Police said statements of witnesses, including staff at the angadia firm and the complainant’s employee, will be recorded, and call data analyses of the accused will be part of the investigation.

Further enquiries are underway to trace the money trail and verify the purported links to the Mumbai company.