Ahmedabad: Navrangpura police have registered a case following a complaint by a 41-year-old woman who alleged that she was defrauded of ₹1.5 crore in a flat mortgage transaction. The complainant alleged that a man took the money after offering his flat as security and promising to repay the amount by April 30, 2025. However, when she sought repayment, the three cheques issued to her were allegedly dishonoured because of a mismatch between the signatures.
The complaint was filed on August 25 by Kajal Vaghasia, a resident of Bopal, against Hemang Shah, a resident of Gurukul in Memnagar. Police have begun examining the documents and financial transactions related to the alleged deal.
Algoritha Security Launches ‘Make in India’ Cyber Lab for Educational Institutions
According to the complaint, Vaghasia was introduced to Shah around two years ago through her cousin Rohit Chowatiya. Shah allegedly told her that he needed funds and planned to raise money by mortgaging his flat. He later approached her along with his brother and allegedly offered Flat No. B/210 in Alay Tower, Memnagar, as security for the proposed transaction.
The complainant alleged that Shah promised to provide her rights associated with the property, including the right to use the flat, along with the association’s share certificate and membership rights. In return, she agreed to provide ₹1.5 crore. Shah allegedly assured her that the entire amount would be repaid by April 30, 2025.
Acting on the assurance, Vaghasia said she issued three cheques of ₹50 lakh each from her HDFC Bank account to Shah on December 7, 2024. On the same day, a notarised agreement was allegedly executed in the Old High Court area of Navrangpura, recording the terms of the transaction.
The complaint states that Shah subsequently handed over three post-dated cheques of ₹50 lakh each towards repayment. The cheques were reportedly drawn on his Yes Bank account and were dated April 30, 2025, the date by which the accused had allegedly promised to return the entire amount.
When the repayment date arrived, Vaghasia allegedly contacted Shah and was told to deposit the three cheques. She subsequently presented them to the bank. However, all three cheques were allegedly dishonoured. According to the complaint, the bank cited a mismatch between the signatures on the cheques and the original signature of the account holder.
After the cheques were returned unpaid, Vaghasia allegedly informed Shah about the problem and requested replacement cheques. She alleged that Shah neither issued fresh cheques nor returned the ₹1.5 crore.
The complainant further alleged that the property-related commitments made as part of the transaction were also not fulfilled. Despite the agreement concerning the Memnagar flat and the associated membership and property rights, she alleged that no rights in the property were transferred to her.
As a result, Vaghasia alleged that she was left without both the ₹1.5 crore she had paid and the property rights that had allegedly been promised as security for the transaction. The complaint has raised questions about the validity and execution of the notarised agreement, the ownership status of the flat and the circumstances in which the repayment cheques were issued.
Based on the complaint, Navrangpura police have registered a case against Shah and started an investigation. Investigators are expected to examine the notarised agreement, bank records, the three disputed cheques and documents related to ownership and other rights in the flat.
The police will also examine the financial trail of the ₹1.5 crore transaction and the circumstances surrounding the alleged promise to mortgage the property. The investigation will determine whether the transaction was entered into as alleged and whether the accused deliberately misrepresented the repayment arrangement or property rights.
The allegations are contained in the complaint and have not yet been established through investigation or judicial proceedings. Police are continuing to collect documentary and financial evidence to establish the facts of the transaction and determine whether any further legal action is warranted.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
