Share broker cheated by business partners

AHMEDABAD: A Naranpura resident and a share broker on Wednesday filed a complaint of cheating against his five

business partners

who had made him invest Rs 3.73 crore to start water treatment firm but did not give any accounts and rather invested the money in their own business.


Bankim Shah (44), who stays in Jivansmruti Society near Mirambika Crossroads in Naranpura, said in his FIR with Navrangpura police that a person named Gaurav Dave, a resident of Vasna, met him in 2016 and proposed the complainant to become his business partner in water treatment firm. Shah asked him that he could not become business partner and told him to start a new water treatment firm.

Later, Dave agreed to his proposal but made his four relatives, including his son and daughter-in-law, partners in the water treatment business. Promising Shah 30% return annually on his investment, Dave convinced him to invest money in it. Shah gradually ended up paying Rs 3.73 crore but did not get any profit out of it. He later came to know that Dave had invested money in his business and thus cheated him, said the FIR.