Ahmedabad Firm Directors Booked in ₹14.83-Lakh Fixed Deposit Scheme Fraud

Police in Gujarat have registered a criminal case against directors and senior officials of Ahmedabad-based Unique Mercantile India Limited for allegedly cheating investors through fixed deposit and monthly income schemes promising high returns.

The company, operating from Popular House in Navrangpura, allegedly collected investments by assuring attractive payouts but later stopped interest payments, closed its office, and failed to repay maturity amounts totaling ₹14.83 lakh, according to the complaint filed with police.

Investor Complaint Triggers Police Investigation

The case was initiated after a complaint by Vishnubhai Bholidas Patel, a 58-year-old resident of Kalol in Gandhinagar district.

According to the FIR, Patel was introduced to Unique Mercantile India Limited in 2017 through company representatives Sanjay Patel and Rajesh Patel. The agents allegedly promoted fixed-term deposit plans and monthly income schemes with assured returns.

Patel later joined the company as an agent and helped attract additional investors after attending promotional meetings conducted by company representatives. He invested his own money and encouraged relatives and acquaintances to participate in the schemes.

Between 2017 and 2018, Patel allegedly mobilized investments worth ₹11.65 lakh, with the company’s promised maturity liability reaching ₹15.93 lakh.

The FIR names company directors Utkarsh Rai, Rahul Rai, and Raj Kumar Rai, along with managers Mukeshbhai Patel and Ghanshyambhai Patel, alleging that they misrepresented the investment plans and failed to meet repayment commitments.

Interest Payments Stopped After Initial Trust-Building

The complaint alleges that the company initially made periodic interest payments and provided commissions to agents, helping build confidence among investors.

However, payments reportedly stopped around 2020. When investors approached the company’s Navrangpura office, officials allegedly cited financial difficulties linked to the Covid-19 pandemic and assured them that pending dues would be cleared.

The company later shut down operations without fully settling investor claims. Police records indicate that only ₹1.10 lakh was repaid through installments, leaving an outstanding amount of ₹14.83 lakh.

Police Probe Financial Records

Ahmedabad Police have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) related to cheating and criminal breach of trust.

Investigators are examining financial documents, bank records, and other evidence to determine the complete scale of the alleged irregularities and identify whether additional investors were affected.

Experts Warn Against Unverified High-Return Schemes

Financial fraud experts have repeatedly warned investors about schemes offering unusually high or guaranteed returns without proper regulatory oversight.

Experts advise investors to verify whether investment companies are registered with appropriate authorities such as the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) before committing funds.

Authorities have also urged people to be cautious of investment opportunities promoted through aggressive marketing, commission-based networks, and promises of risk-free profits.