Ahmedabad, 1 January. The Enforcement Directorate (ED) Ahmedabad zonal office has carried out a significant seizure under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a major stock market investment fraud case.
ED recovered 110 kilograms of silver biscuits worth approximately ₹2.4 crore, 1.296 kilograms of gold biscuits valued around ₹1.7 crore, 39.7 kilograms of silver jewellery, ₹38.8 lakh in cash Indian currency, foreign currency equivalent to ₹10.6 lakh, and documents related to various properties from the residences of the prime accused Himanshu alias Pintu Bhavsar and others. The total estimated value of the seized assets exceeds ₹4 crore. All these properties are considered proceeds of crime.
This action follows a First Information Report (FIR) registered at Kheralu Police Station in Mehsana district, where Himanshu Bhavsar and others face charges of fraud under various sections of the Indian Penal Code. According to the FIR, the accused lured the complainant with promises of high returns by investing in the stock market. However, the investor’s money was never put into company shares and was instead used for personal gains. Investigations revealed that at least six more FIRs have been filed in Gujarat and other states, involving a total fraud amount of ₹10.87 crore.
The mastermind Himanshu Bharatkumar Bhavsar operated multiple offices in Mehsana, Visnagar, and Vadnagar, where public money was collected under the pretext of stock market investments. He attracted investors by promising high returns and employed staff to make regular phone calls to clients.
The PMLA probe also revealed misuse of an investment advisor certificate issued by SEBI. Himanshu ran unregistered investment advisory activities under the names of Believe Stocks Research Private Limited, Dalal Stocks Advisory Private Limited, and Devki Stocks Private Limited in a personal capacity.
None of these three companies had valid registration from SEBI. SEBI has held these companies and Himanshu Bhavsar responsible for violating regulations in its official order.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment