Investors allege Rs 1.6cr fraud in WTC GIFT City scheme

Ahmedabad: The CID (Crime) on Wednesday registered a complaint alleging financial fraud of over Rs 1.56 crore in connection with an investment scheme linked to a commercial project in GIFT City. The complaint claimed that investors were lured with promises of high monthly returns and a buyback guarantee but were later denied repayment of their funds.According to the complaint, a group of investors was approached in 2021 by a real estate intermediary who introduced them to an investment opportunity in WTC GIFT City Tower-C. The investors were told that if they purchased commercial units in the project, they would receive a monthly return of 1% on their investment and a buyback option after two years, along with a 12% bonus.Officials said the investors were taken to a corporate office in GIFT City where company representatives explained the scheme and assured them that all transactions would be carried out through bank transfers. They were also promised formal agreements and post-dated cheques as security for the invested amount and the promised bonus.Trusting the assurances, three people collectively invested Rs 1.56 crore in 2021 by issuing cheques and bank transfers to accounts linked to the project. The company issued booking letters and agreements related to a commercial shop in the proposed development.For around one year, the investors reportedly received monthly returns credited to their bank accounts, which reinforced their trust in the scheme. However, the payments allegedly stopped after Sep 2022.When the investors later deposited the postdated cheques issued by the company for repayment of the principal amount and bonus, most of them were dishonoured by the bank. Investigators said the investors alleged that a large portion of the invested money — more than Rs 1.27 crore — was not returned.After the complaint was filed, CID (Crime) initiated an investigation into the alleged fraud. Officials said they were examining financial transactions, agreements and the role of company representatives associated with the project. Further investigation is underway to determine whether more investors were similarly duped and to identify all persons involved in the alleged financial fraud.