16 investors of Saurashtra were cheated of Rs 2.23 crore by luring them with high returns in IPO, accused absconding

Rajkot News: A scam of Rs 2.23 crore has come to light in Rajkot. A complaint has been lodged at the Gandhigram-2 police station that Prakash Ratanshi Chudasama, who lives in Asopalav Springs Copper Apartment near Satya Sai Hospital and works in a stock market office, defrauded 15 investors of Rs 2.23 crore by luring them with high returns in IPOs.

According to the information, the investors are in a lot of trouble due to the accused fleeing. The police have not received any information about the whereabouts of the accused. The complainant has suffered a loss of Rs 52.50 lakh. Apart from this, the rest of the investors are the complainant's family members, friends and acquaintances etc.

Jigneshbhai Rameshbhai Vyas (age 51 years), who lives in Yogashis Apartment in Rampark opposite Atmiya College, has said in the complaint that he runs a copy business with his brother-in-law Rashmin. One of the children is son Harsh, who is currently studying MBBS in the Philippines. The accused youth was working as a compliance officer in an office named Patel Wealth on Pushkardham Main Road. Therefore, the accused has known him for five years.

Once he met the accused and said that if you invest in IPO, you will get high returns. So he initially gave Rs 10 lakh to the accused through cheque in 2021. After which the accused gave a cheque in his name and also signed it. After this, Cuttack-Cuttack gave Rs 52.50 lakh to the accused. In return for which the accused gave his cheques.