Ahmedabad | The Enforcement Directorate (ED), Ahmedabad Regional Office has taken significant action against Himanshu alias Pintu Bhawsar and others under the Prevention of Money Laundering Act (PMLA), 2002, seizing 110 kg silver coins (worth ₹2.4 crore), 1.296 kg gold coins (worth ₹1.7 crore), 397 kg silver jewellery, cash of ₹3.88 crore, foreign currency worth at least ₹10.6 lakh, and various property documents.
The action follows an investigation based on an FIR registered at Kheralu Police Station in Mehsana district. According to the FIR, the accused lured complainants with promises of high returns to invest in the stock market, but instead of investing the funds, they misappropriated the money for personal gain.
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Scale of the Share Market Fraud
The investigation revealed that Himanshu Bhawsar and his associates had established multiple offices in Mehsana, Visnagar, and Vadnagar. Their main objective was to entice the public into investing in the stock market and collect funds under the pretext of investment. They regularly contacted potential investors through phone calls, offering the promise of high returns, to secure money fraudulently.
Further findings indicate that at least six additional FIRs were filed in different states, with the total fraudulent amount estimated at ₹1,087 crore.
Unregistered Investment Advisory Activities
During the PMLA probe, it was also found that Himanshu Bhawsar personally used SEBI-issued certificates intended for Vishwas Stocks Research Private Limited, Dalal Stocks Advisory Private Limited, and Devki Stocks Private Limited, for investment advisory services that these companies were not legally registered to provide.
None of the three firms had proper SEBI registration as investment advisors, yet Bhawsar and others actively operated these entities in violation of the law. SEBI, in its order, held Vishwas Stocks, Dalal Stocks, and Devki Stocks, along with their directors Himanshu Bhawsar and others, responsible for breaches committed while providing investment advisory services.
Ongoing Investigation and Legal Action
The ED has clarified that the investigation is still in progress. The agency is currently:
- Verifying and legally evaluating all seized assets,
- Examining the roles of other accused individuals and associated entities,
- Tracing how the fraudulent investment advisory operations and share market scams were used to launder funds,
- And mapping the broader network involved in these financial crimes.
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.
