Vadodara | Updated | Vadodara Police have busted a well-organized gang that cheated people by promising cheap gold and easy high-value loans. During raids, officers recovered fake Indian currency worth ₹1.62 crore and 3 kilograms of counterfeit gold biscuits packed inside two bags. According to police, the gang leader posed as a police officer to intimidate victims and extract money quickly.
Complaint that opened the entire case
The case came to light after a man from Karnataka filed a complaint at JP Road Police Station on 21 November. He alleged that the owner of Signet Hub Office near Genda Circle — Rajveer Parikh alias Ilyas Ajmeri — along with his associates Vishal Barad, Nayana Mahida and others, first lured him with cheap gold offers and later promised to arrange a ₹10-crore loan. Altogether, they allegedly cheated him of ₹4.92 crore.
According to the complaint, Ilyas initially collected a large amount claiming he would supply gold at a discounted price. Later, Vishal and Nayana demanded ₹31 lakh in advance, saying it was commission for a bank manager who would approve the loan. The victim kept receiving assurances — but neither gold nor loan ever materialized. Eventually, he approached the police.
Fake notes and bogus gold recovered in raids
During investigation, police learnt that Ilyas often acted as a fake police officer, using fear to silence victims. Based on inputs, teams raided the houses of Ilyas and his brother Idrish Ajmeri. From there, they recovered bags full of counterfeit Indian currency and fake gold biscuits. Preliminary findings suggest these items were shown as “samples” to win trust during fraudulent deals.
The gang’s method — lure, threaten and collect money
Police say the gang operated not only in Gujarat, but also in other states.
- First, offer gold at cheaper-than-market rates
- Then, promise quick approval of big loans
- If questioned, pose as police officers and apply pressure
This was their core modus operandi. In several instances, victims were allegedly threatened and told to stay quiet.
Two arrested — hunt on for mastermind
So far, police have arrested Bharat Prajapati and Viral Sakariya. The main accused, Ilyas Ajmeri, remains absconding. According to police records, he is already named in five previous fraud cases. A special team has been formed to trace him and identify how many people across how many states have been cheated by the gang.
A warning to the public
The Vadodara Crime Branch has urged citizens not to make any advance payments for “cheap gold deals,” “guaranteed high-value loans,” or similar offers promising quick profits. People have been advised to immediately report any suspicious calls, schemes or demands to the nearest police station or cyber cell so timely action can be taken.
