Ranchi: A case of alleged fraud involving ₹9.94 crore on the pretext of providing land and a four-bedroom apartment in Gujarat has come to light.
Vikram Singh, a resident of Ranchi, has accused Vishal Ranjit Rai and his wife, Shraddha Vishal Rai, residents of Gandhinagar, Gujarat, of accepting crores of rupees but failing to register the promised land and flat in his name. According to the complainant, ₹5 crore was deposited into bank accounts belonging to different companies, while another ₹4.94 crore was allegedly paid in cash.
The couple is also accused of allegedly abusing and threatening him when he demanded the return of his money. An FIR has been registered at the BIT OP police station in Ranchi, and the police have initiated an investigation.
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Meeting in 2022, Contact with the Couple in 2023
According to the FIR, Vikram Singh met a person named Sonal in 2022. Subsequently, through Sonal’s initiative, he met Vishal Ranjit Rai and his wife, Shraddha Vishal Rai, in 2023. The complaint describes the couple as being involved in the real estate business.
The complainant alleged that discussions took place regarding investment in land and a flat in Gujarat. The couple allegedly assured him that the properties would be made available. Trusting these assurances, the complainant and his associate began making payments towards the proposed deal.
According to Singh, the money was paid with the expectation that the promised land and flat would be transferred to them. He claimed that payments were made to bank accounts specified by the accused, in addition to a substantial amount allegedly handed over in cash.
₹5 Crore Allegedly Deposited into Bank Accounts
In the FIR, Vikram Singh alleged that a total of ₹5 crore was deposited into bank accounts belonging to different companies in connection with the land and flat deal.
According to the complaint, approximately ₹60 lakh was deposited into the account of VNS Aqua India Pvt. Ltd., ₹56 lakh into the account of Vivishra India Exim Pvt. Ltd., and ₹80 lakh into the account of Shree Jee Associate.
The complainant further claimed that ₹3.04 crore was deposited into other bank accounts. According to him, the total amount transferred through bank accounts was ₹5 crore. He also alleged that ₹4.94 crore was paid in cash.
The total amount allegedly paid towards the proposed property transaction thus stands at ₹9.94 crore, according to the complaint. Singh claimed that he and his associate made these payments in the expectation of receiving the promised properties. However, the allegations and the details of the transactions remain subject to police verification and investigation.
Properties Not Registered Despite Payments
The complainant alleged that despite receiving a substantial amount of money, the accused failed to register the land and four-bedroom apartment in his name. He further claimed that whenever he sought possession of the properties, he was allegedly met with delays and evasive responses.
After waiting for the promised properties, Singh began demanding a refund of his money. According to the FIR, the accused allegedly responded to his demands with verbal abuse and threats.
Following the alleged incidents, the complainant approached the police and requested an investigation into the matter, along with appropriate legal action against those responsible.
FIR Registered at BIT OP, Police Begin Investigation
An FIR was registered at the BIT OP police station in Ranchi on the night of October 15, 2026. The case, registered under FIR No. 0472/2026, invokes Sections 406, 420, 504, 506 and 34 of the Indian Penal Code, as mentioned in the complaint. Sub-Inspector Abhay Kumar has been assigned responsibility for investigating the case.
The police are expected to examine the allegations, the reported bank transactions and the claims regarding cash payments. Investigators will also seek to establish the circumstances under which the money was allegedly collected and why the promised properties were not registered in the complainant’s name.
The investigation is ongoing. The role of the accused and the veracity of the alleged fraud will be established through the investigative process.
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