Ahmedabad. A suspected investment fraud has come to light in Ahmedabad’s Satellite area, where a businessman and his father were allegedly duped of ₹41 lakh after being promised high returns on their investment.
Four partners associated with a financial services firm allegedly collected the money in the name of stock market investments and used a digital portfolio, mobile application and fabricated transaction statements to convince the investors that their funds had been invested in shares. Police have registered a case under provisions related to cheating and forgery and have begun an investigation.
The accused have been identified as Mihir Jitendrabhai Parikh, his wife Dhara Mihirbhai Parikh, his mother Geeta Jitendrabhai Parikh and Hemrajsinh Vikramsinh Rana. All four are associated with M.P. Fincorp Services as partners. The firm operates from Shivalik Shilp near ISKCON Char Rasta.
Complainant Roopsingh Tomar, a resident of Vastral, told police that he approached Mihir Parikh in 2024 for investment advice. The two had reportedly known each other for nearly a decade through earlier insurance and mutual fund transactions, which had helped establish trust between them. Parikh allegedly promised a return of 2% per month, equivalent to around 24% annually, with payments to be made every three months.
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When Tomar said he did not have sufficient cash available for the proposed investment, Parikh allegedly suggested raising funds against the family’s existing mutual fund holdings. According to the complaint, a loan was arranged through Piramal Finance against the family’s mutual fund portfolio at an annual interest rate of 10.15%. Tomar was allegedly told that investing the borrowed money through M.P. Fincorp Services would generate returns higher than the interest cost, leaving him with a net gain.
On April 18, 2024, a total of ₹41 lakh was transferred through RTGS to the bank account of M.P. Fincorp Services. Of this amount, ₹38 lakh was transferred from Tomar’s father Baljitsingh’s bank account, while ₹3 lakh was transferred from Tomar’s ICICI Bank account.
To reassure the investors that their money had actually been deployed in the stock market, they were allegedly given access to a mobile application called ‘MY WEALTH’. The application displayed company names, the number of shares supposedly purchased, acquisition prices and current valuations, including information indicating gains on the investments. The digital dashboard allegedly gave the impression that the funds were being actively invested in shares.
However, when the first quarterly payment became due, Parikh allegedly began delaying the payment. Meanwhile, the Tomar family continued paying the monthly instalments on the loan taken against their mutual fund holdings. When Tomar demanded the return of the principal amount so that the loan could be cleared, he was allegedly provided with a PDF statement showing details of supposed share transactions. The document reportedly contained transaction dates, exchange-related information and sale prices, giving the impression that the investments had been liquidated.
Despite repeated assurances, the money was allegedly not returned. Tomar reportedly visited the firm’s office several times and also contacted partner Hemrajsinh Rana, but was allegedly given further assurances instead of payment. He subsequently checked the actual stock market records to verify the transactions.
The verification allegedly revealed that no shares had ever been purchased or sold in either Tomar’s name or his father’s name. This raised suspicions that the ‘MY WEALTH’ portfolio and the transaction documents shown to the investors had been fabricated.
Police are now examining the firm’s bank accounts, digital records connected with the ‘MY WEALTH’ application and the alleged role of each of the four accused. Investigators are also looking into complaints from three other individuals—Dharmesh Umeshbhai Shah, Ranjanben Vinodchandra Thakar and Babulal Somabhai Patel—who have allegedly reported similar investment-related fraud.
Police said cases involving similar allegations had already been registered against the firm in 2026. Following the latest complaint, the scope of the investigation has been widened. Investigators are trying to establish where the money collected in the name of investments was transferred and who was involved in creating the alleged fake portfolio records and transaction documents.
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