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AHMEDABAD: Police in Chandkheda have initiated an investigation into an alleged investment fraud involving Rs 15 lakh after a Vadodara-based broker was reportedly duped with assurances of lucrative returns on share market ventures. According to the complaint, an Ahmedabad woman and the operator of a firm named Build Future induced the businessman to invest capital by promising total repayments of Rs 25 lakh across a 10-month period through monthly instalments of Rs 2.5 lakh. The complainant, identified as Parvez Sabbir Ali Saiyed, a resident of Bahar Colony on Ajwa Road in Vadodara, stated that the promoters ceased all communication and failed to deliver either the promised profit payouts or the original investment capital.
Lucrative Share Market Scheme Finalised at Ahmedabad Commercial Premises
The complaint names Ahmedabad residents Sonia Mohammad Faizan Shaikh and Jayesh Prafulchandra Shah as the key individuals behind Build Future who presented the investment proposal. Saiyed stated that he initially met Shaikh in Ahmedabad approximately eighteen months earlier, during which she detailed the firm’s trading operations in the stock market and pitched high-yield returns. Shaikh reportedly remained in persistent contact with the broker, proposing that an upfront capital injection of Rs 15 lakh would yield monthly returns of Rs 2.5 lakh for ten consecutive months, culminating in a total payout of Rs 25 lakh.
To finance the venture, Saiyed withdrew Rs 5 lakh from his HDFC Bank account on July 15, 2025, and arranged an additional Rs 10 lakh the following day by facilitating withdrawals of Rs 5 lakh each from the ICICI Bank accounts of his relatives, Yasminbanu and Khurshidbanu. Although Saiyed initially sought to execute the agreement in Vadodara, the promoters asked him to travel to Ahmedabad. On September 16, 2025, the parties convened at the company office situated in Centre Point Complex in Jagatpur, Ahmedabad. In the presence of Shaikh and Shah, a formal 10-month investment agreement was signed stipulating monthly payouts of Rs 2.5 lakh, alongside the handover of an IndusInd Bank security cheque signed by Shah on behalf of Build Future, with Shaikh signing as a witness.
Security Cheque Returned Cancelled Following Payment Defaults
The financial arrangement ran into trouble within two months as the promised monthly dividends failed to arrive. When Saiyed questioned Shaikh regarding the pending dues, she cited Shah’s difficult financial position while offering verbal assurances that she would personally ensure the clearance of the funds. With no funds forthcoming, the complainant deposited the IndusInd Bank security cheque on November 15, 2025. The bank subsequently returned the instrument unpaid, issuing a return memo stating that the cheque had been cancelled, which intensified the investor’s concerns regarding the security of his funds.
Registered Office Found Locked as Police Begin Probe into Fraud Charges
Upon visiting the firm’s registered office address at D/801, Shri Vishnudhara Gardens, near Vishwasnagar City-9 in the Jagatpur locality of Ahmedabad, Saiyed discovered the premises locked. Subsequent attempts to contact Shaikh yielded dismissive responses alongside repeated verbal claims that his capital remained safe. Facing persistent non-repayment, Saiyed initially filed a case in a Vadodara court on March 5, 2026, under the Negotiable Instruments Act. When the funds remained unrecovered, he approached Chandkheda police on November 6, 2026, lodging a formal complaint seeking criminal action against both individuals.
Saiyed has furnished investigators with relevant evidentiary documents, including copies of the investment agreement, the cancelled security cheque, and the formal bank return memo. Chandkheda police have registered a case regarding fraud and criminal breach of trust, initiating an inquiry into the commercial operations of Build Future, the validity of the contract, the fund withdrawals, and the circumstances surrounding the issuance of the cancelled security cheque.
