In a troubling incident in Ahmedabad, a retired bank manager has been swindled out of ₹5.91 lakhs. The 65-year-old man, Navinchandra Chauhan, fell victim to a scam after being promised double returns on his investment within just seven days. Chauhan, who lives with his wife and family in the Kamla Nehru Society in Baherampura, was hoping to secure a good return on his retirement funds.
After retiring in 2021, he started investing in the stock market with the help of advisors. During this time, he met a young man named Harshit Agarwal from Mumbai, who convinced him that he could double his money quickly. Trusting Agarwal, Chauhan invested a total of ₹6.23 lakhs in various schemes, believing that he would see significant returns.
For a few months, Agarwal paid Chauhan small amounts as returns, which built Chauhan’s trust in him. However, the situation changed when Agarwal began to make excuses and delay payments. When Chauhan insisted on recovering his money, Agarwal only returned ₹32,000 and kept giving excuses for the remaining amount.
For over a year, Chauhan repeatedly asked for his money back, but Agarwal continued to evade him with new excuses each time. Finally, feeling cheated, Chauhan filed a complaint with the police in Dani Limda, seeking justice for the ₹5.91 lakhs he lost. The police have since begun their investigation into the matter.
This incident highlights the dangers of investment scams, especially targeting elderly individuals who may not be fully aware of the risks involved in quick-return schemes. It serves as a reminder for all investors to be cautious and conduct thorough research before investing their hard-earned money.
The police are urging anyone who has faced similar situations to come forward. They are also reminding the public to verify the credentials of individuals or companies before making any investment decisions. The goal is to prevent such scams and protect vulnerable individuals from financial loss.
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