The Gujarat CID (Crime) has arrested the main accused in an alleged ₹3.04 crore land investment fraud linked to the purchase of land for a proposed temple and cow shelter. The arrested accused, Vijay Prakash Swami alias V.P. Swami of the Vadtal Swaminarayan sect, is alleged to have played a key role in collecting funds from investors on the promise of acquiring land for religious purposes. Investigators are continuing to examine the financial trail and the involvement of other accused in the case.
According to investigators, the case pertains to allegations that several individuals collected investments from devotees and investors for the purchase of land intended for constructing a temple and a gaushala. However, the promised transactions allegedly did not materialise, leading to complaints that substantial amounts of money had been dishonestly obtained from investors.
The CID (Crime) had earlier booked four monks of the Swaminarayan sect, a farmer and several other individuals in connection with the alleged fraud. A complaint registered at Bhaktinagar Police Station in Rajkot named Vijay Prakash Swami alias V.P. Swami, Jaykrushna Swami, M.P. Swami, Suresh Thori, Bhupendra Patel, Vijsinh and Lalji Dhola, among others, for their alleged involvement in the case.
Investigators allege that after collecting funds from investors, the accused failed to complete the financial commitments relating to the land proposed for the temple project. As part of the investigation, the Rajkot Economic Offences Wing had earlier arrested co-accused Lalji Dhola from Surat. The arrest of V.P. Swami is being viewed as a significant development in the ongoing investigation into the alleged financial irregularities.
Officials said the accused was taken into custody on Tuesday and is being produced before a court in Rajkot to seek custodial remand for further interrogation. Investigators are expected to question him regarding the collection of investment funds, financial transactions, ownership of the proposed land, and the role played by other persons named in the case.
The investigating agency is also examining banking records, investment documents, property-related records and other documentary evidence to establish the movement of funds and determine whether additional individuals or entities benefited from the alleged scheme. Authorities have not ruled out further arrests as the investigation progresses.
The present case follows another alleged fraud involving members of the same religious sect. Earlier, a separate case involving an alleged ₹1.76 crore fraud relating to land acquisition for a temple project had also been registered against four monks associated with the Vadtal Swaminarayan sect. Investigators are examining whether there are any common financial links or operational similarities between the two cases.
Commenting on financial fraud investigations, renowned cybercrime expert and former IPS officer Prof. Triveni Singh said organised investment frauds often rely on public trust, emotional appeal and the promise of socially or religiously significant projects to attract investors. He said individuals should independently verify ownership records, financial credentials, regulatory approvals and transaction documents before investing substantial amounts in any project. He added that maintaining proper financial records and conducting due diligence are essential safeguards against such fraud.
CID (Crime) officials said the investigation remains ongoing and that all allegations will be examined on the basis of documentary evidence, financial records and witness statements. Further legal action will be taken in accordance with the findings of the investigation.
