Thaltej traders lose Rs 2.5 crore in lure


  • The trader lost Rs 2.5 crore in the cycle of getting 12% return by investing
  • Between May and August 2012, the trader paid Rs 2.5 crore as investment
  • The trader gave the check to the person asking for money but all of them bounced

Ahmedabad: A Thaltej trader had lodged a complaint with the police alleging fraud of Rs 2.3 crore with him. In a complaint lodged with Sola police on Saturday, Anand Chaudhary, 43, said he came in contact with a man named Ratilal Jain, a resident of Shahibaug.

Anand Chaudhary said that Ratilal Jain had claimed that he was in the business of iron and steel. Jain told Chaudhary that he knew a senior government official and was making huge profits. Jain said that even Chaudhary can earn 12 per cent return by investing. Apart from this, Jain said that he would take 52.50 per cent of the profits, while the rest would go to Chaudhary.

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In the complaint, Chaudhary said that he had signed the contract on June 14, 2012 and between May and August 2012, he had invested Rs 2.5 crore to Jain. Jain also gave a promise note to Chaudhary.

Chaudhary told police that whenever he wanted his share of the profits, Jain avoided talking. Chaudhary said that when he was pressured to provide investment information, Jain told him that the business was losing out. In fact, Chaudhary was asked to order raw materials so that he could process them and earn some money.

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Chaudhary said that when he asked for the money back, Jain had given him a check for Rs 2.5 crore. But it went bounce.

Chaudhary told police that Jain had been cheating with him since 2012 and neither returned the money nor made a profit or even the promised 12 per cent return. Sola police had registered a case of fraud and breach of trust against Jain.


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