Rajkot. A suspected investment fraud involving more than ₹144 crore has come to light in Rajkot, Gujarat, where money was allegedly collected from investors in the name of an industrial coal trading business. The City Crime Branch has registered a case based on a complaint by 56-year-old Jayendra Akbari against three accused — Jay Chotaliya, Mitesh Sanghvi and Manish Gangi. They have been booked on allegations including cheating, criminal conspiracy and breach of trust. The complaint alleges that investors were persuaded to put money into different schemes after being told that the company operated a large industrial coal trading network across India.
According to the complaint, Jay Chotaliya was working as a financial adviser to the owner of a local infrastructure company in 2021. Through this association, he was introduced to Jayendra Akbari. Chotaliya allegedly subsequently discussed investment schemes with Akbari and other potential investors and persuaded them to invest their money.
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The accused allegedly presented the company as an enterprise with an extensive industrial coal trading network spread across the country. According to the complaint, investors were promised exceptionally high returns in an effort to attract capital. The investment was allegedly structured with a five-year lock-in period, while investors were also shown projections of rapid corporate growth. The company was reportedly projected to achieve a turnover of up to ₹2,000 crore.
The initial dealings and business-related interactions allegedly helped build confidence among investors. According to the allegations, the company projected an image of financial stability and business growth during the early stages. However, difficulties reportedly emerged when investors later attempted to recover their principal amounts or receive the returns that had allegedly been promised.
As investors faced difficulties in recovering their money, concerns about the investment arrangements increased. A preliminary examination of the company’s financial documents has also reportedly revealed serious irregularities. Police are now conducting a detailed examination of financial records and transactions connected with the company.
A major focus of the investigation is to determine where the money collected from investors was deposited and how it was subsequently used. Investigators are examining banking transactions to establish the movement of funds and identify the accounts and entities through which the money allegedly passed.
Police are also examining the three investment schemes separately to determine how much money was collected through each scheme and whether the funds were actually used for the stated coal trading business. Transactions between associated companies and other entities are also being scrutinised to trace possible transfers of investor funds.
The Crime Branch is further investigating how many people invested in the alleged schemes and what the overall financial loss may have been. With the alleged amount exceeding ₹144 crore, the case is being treated as a major financial fraud investigation. Bank statements, company records and other financial documents are being compared to establish the complete trail of the money.
Investigators are also examining the individual roles of the three accused, the manner in which potential investors were approached and the actual nature of the company’s business operations. Another key aspect of the probe is to determine whether the funds collected from investors were genuinely deployed in coal trading or were subsequently transferred to other companies, accounts or entities.
The case has once again highlighted the risks associated with private investment arrangements that promise unusually high returns. Investigators will need to establish the exact number of investors, the total amount collected and the final destination of the funds before the full scale of the alleged fraud becomes clear.
The investigation is currently focused on banking transactions, financial records and documents linked to the investment schemes. Further findings are expected to clarify the alleged flow of funds, the extent of investor losses and the specific roles played by the accused in the suspected investment network.
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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.
