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Chartered Accountant Defrauded of Rs 4.11 Crore In Investment Scam

Last updated: 04 March 2024

The Kurar Police has initiated legal action against individuals accused of defrauding a chartered accountant, Pradeep Parameshwarlal Banka, to the tune of Rs 4.11 crore. The complainant alleges that Rajeev Merchant and Archana Merchant, partners of Indian Home Variation and Distribution LLP Company, enticed him with promises of lucrative returns on investment in their business.

Complainant's Allegations

According to police reports, Pradeep Parameshwarlal Banka, a 62-year-old chartered accountant, filed a complaint alleging that he was deceived by Rajeev Merchant and Archana Merchant. The duo allegedly persuaded Banka to invest Rs 4.11 crore in their company, assuring him of substantial profits. However, after making the investment between 2010 and 2015, Banka claims that he neither received any returns nor obtained a refund of his invested capital.

Chartered Accountant Defrauded of Rs 4.11 Crore In Investment Scam

Fraudulent Activities and Misuse of Funds

Banka asserts that the funds he invested were purportedly utilized by the accused for personal gains, rather than for the intended business purposes. The complaint suggests that Rajeev Merchant and Archana Merchant allegedly misappropriated the invested funds, thereby causing financial loss and emotional distress to the complainant.

Legal Action and FIR Registration

In response to Banka's written complaint submitted to the Deputy Commissioner of Police (DCP) Zone 12, the Kurar Police registered a First Information Report (FIR) against Rajeev Merchant and Archana Merchant. The FIR, filed under sections 420 (cheating), 406 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code (IPC), marks the commencement of a formal investigation into the alleged fraudulent activities.


Ongoing Investigation and Pursuit of Justice

Currently, the Kurar Police is actively probing the allegations to gather evidence and ascertain the veracity of the complaint. Authorities aim to uncover the details surrounding the purported scam and ensure that the accused individuals are held accountable for their actions. The investigation underscores the commitment of law enforcement agencies to safeguarding the interests of victims and upholding justice in cases of financial fraud.



As the investigation progresses, authorities remain dedicated to unraveling the complexities of the alleged investment scam and pursuing legal recourse against the perpetrators. The FIR registration marks a significant step towards seeking justice for Pradeep Parameshwarlal Banka and underscores the importance of accountability and transparency in financial transactions.

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