Police in Gujarat have registered a criminal case against the directors and senior managers of an Ahmedabad-based investment entity, Unique Mercantile India Limited, for allegedly defrauding retail investors through high-yield fixed deposit and monthly income schemes. Operating from Popular House in Navrangpura, the company allegedly enticed depositors with promises of attractive returns before halting interest payouts, closing its premises, and defaulting on maturity obligations totaling ₹14.83 lakh.
Scheme Mechanics and Mobilization of Funds
The police investigation was initiated following an official complaint lodged by Vishnubhai Bholidas Patel, a 58-year-old resident of Kalol in Gandhinagar district. According to the First Information Report (FIR), Patel came into contact with Unique Mercantile India Limited in 2017 through company agents Sanjay Patel and Rajesh Patel, who introduced various fixed-term deposits and monthly income plans promising assured returns.
Trusting these representations, Patel associated with the enterprise as an agent on June 14, 2017. Company leaders organized promotional meetings and offered attractive commissions to mobilize new investors. Patel invested his own savings and persuaded family members and acquaintances to participate. Between 2017 and 2018, Patel mobilized funds totaling ₹11.65 lakh, carrying a total maturity liability of ₹15.93 lakh upon completion of the investment tenure. The FIR explicitly names directors Utkarsh Rai, Rahul Rai, and Raj Kumar Rai, along with managers Mukeshbhai Patel and Ghanshyambhai Patel, for misleading investors.
Pandemic Excuses, Operational Shutdown, and BNS Case
The complaint alleges that the firm initially disbursed periodic interest payments and commissions to build trust. However, payments stopped abruptly around 2020. When investors approached the Navrangpura office, management attributed the delays to financial difficulties caused by the Covid-19 pandemic, promising that all dues would be cleared later.
Despite these assurances, the company eventually shut down operations without settling its dues. Records show that only ₹1.10 lakh was repaid in installments, leaving an unpaid maturity balance of ₹14.83 lakh. Ahmedabad Police have booked the directors and managers under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust. Investigators are currently auditing financial records and bank statements to trace the full extent of the alleged fraud.
Expert Guidance on Unregulated Schemes
Cybercrime expert and former IPS officer Prof. Triveni Singh noted that unregulated high-return investment schemes remain a common vehicle for financial fraud. He emphasized that fraudsters frequently use promotional seminars and commission structures to build credibility before halting payouts. Prof. Singh advised investors to independently verify a firm’s legal standing and regulatory registration with bodies like SEBI or the RBI before committing capital
