Ahmadabad (Gujarat) [India], September 19 : A cheat named Jugal Kishore was arrested for raising money from the public on the promise of high returns in the name of investment in land at Dolera. There are approximately 150 cases registered against him across the country.
A joint complaint was filed by Neha Kumari (R/o C-101A, Surya Vihar, Gali No.2, Karawal Nagar, Delhi-110094) and 97 other complainants against a private firm and its office bearers.
It is alleged that the accused Jugal Kishore and another person represented themselves as Directors/partners of the company and assured investors that, on their investment, they would receive assured weekly returns and be allotted plots in Dholera, Ahmadabad, Gujarat.
It is further alleged that the accused persons showed videos of the Prime Minister falsely claiming that he was the brand ambassador of the Dholera Project.
Since January 23, 2023, the accused persons, including Chief Manager Ranveer Singh Bijarania and other office bearers, have absconding, their website has been taken down, and the investors' application has been disabled.
Investigation has revealed that funds from the public at large were obtained on the pretext of offering fixed high returns through schemes launched by the accused of the private firm. The group operated across the country with its head office at Ahmadabad.
All investors were promised plots in the Dholera project. They were were offered rewards such as mobile phones, laptops and Royal Enfield motorcycles. The accused company purportedly provided returns every week (every Tuesday) at the rate of 3% interest on the total invested amount for each investor. The accused company launched an application through which victims were given unique IDs to view their balances and investment details. Before closing operations, the accused deleted/disabled the said application.
During the investigation, details of the firms where investors' funds were deposited were collected were analysed. Analysis revealed that amounts from the victims were mainly transferred into the accounts of two private firms.
The accused, Jugal Kishore, is the authorised signatory and partner in these firms and was managing the Delhi branch office of the group at Vishwas Nagar, Shahdara. Most of the victims were government employees.
The company purchased approximately 1,200 bighas of land in the Dholera area of Gujarat. As per information verified from Sub-Registrar Dholera, about 168 acres of land have been identified so far. Investigation has revealed the diversion of funds into various companies/firms within the group, as well as the misappropriation of these funds.
Jugal Kishore is a priest by profession and also worked as a property dealer in Delhi. He is the authorised signatory on the bank accounts of the firms where funds were collected from victims.