Bilaspur: A major investment fraud case involving nearly ₹3.32 crore has surfaced in Chhattisgarh’s Bilaspur, where a businessman was allegedly duped after being promised unusually high returns on investment. Police have registered a case against a father-son duo and another associate accused of collecting crores of rupees through a fake profit scheme before allegedly going absconding. The case has once again raised concerns over the growing number of private investment frauds operating through informal business networks and personal trust.
Business Relationship Used to Build Trust
According to police officials, complainant Vijay Kumar Gupta, a land trader from Vinoba Nagar in Bilaspur, came in contact with accused Ashok Kumar Gidwani during a property transaction in 2023. Over time, the two reportedly developed close business relations. Investigators say Ashok Gidwani and his son Mohit Gidwani later approached Gupta with an investment proposal claiming that their household and kitchen products business was rapidly expanding and generating substantial profits.
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As per the complaint, the accused allegedly assured Gupta that investors would receive attractive returns every three months and that the invested capital would remain completely secure. The proposal was presented as a low-risk, high-return business opportunity linked to the wholesale utensil and kitchen novelty trade.
Police said the complainant eventually trusted the proposal and invested not only his own funds but also arranged money from friends and relatives. Investigators claim that a total amount of approximately ₹3.32 crore was transferred to the accused in multiple installments over a period of time.
RTGS Transfers and Cheques Under Probe
During the preliminary investigation, officials found that the money was transferred through RTGS transactions and bank cheques into accounts linked to firms identified as “Bhavesh Traders” and “Ganesh Kitchen Novelty.” The accused allegedly claimed that these firms were profitable and financially stable businesses capable of delivering regular investment returns.
Investigators said that initially the accused maintained regular communication with the complainant and repeatedly reassured him about the safety of the investment. However, after several months passed without any promised returns, the complainant allegedly began demanding repayment of the invested amount.
According to the FIR, the accused then started avoiding communication and allegedly delayed repayment on various pretexts. The complaint further alleges that when pressure for repayment increased, the accused resorted to verbal abuse and even issued threats. After repeated attempts to recover the money failed, the complainant approached police authorities and filed an official complaint.
Money Trail and Absconding Accused Being Traced
Civil Lines police have now registered a case against Ashok Kumar Gidwani, Mohit Gidwani and others associated with the business entities involved in the alleged transactions. Officials said the investigation currently focuses on tracing the complete money trail, identifying beneficiary accounts and examining whether additional investors may also have been targeted through similar schemes.
Financial crime experts say investment frauds based on personal trust and informal business arrangements have increased significantly in recent years. In many such cases, fraudsters initially gain confidence by presenting apparently legitimate businesses, promising guaranteed returns and maintaining regular communication before allegedly disappearing with large sums of money.
Officials familiar with economic offence investigations say authorities generally examine bank account activity, GST records, firm registrations, digital communication records and transaction histories to determine whether funds were diverted or layered through multiple entities. Investigators may also examine whether additional shell firms or intermediary accounts were used in the alleged fraud.
