ED Uncovers Multicrore Fraud in Gujarat: Silver, Gold, and Cash Seized

The Enforcement Directorate (ED) seized silver, gold, cash, and currencies worth over Rs 4.59 crore linked to a stock market fraud in Gujarat. The investigation, against Himanshu Bhavsar and others, revealed a scam involving luring investors with fake promises and unregistered advisory activities.

The Enforcement Directorate (ED) has uncovered a significant fraud operation in Gujarat, seizing assets exceeding Rs 4.59 crore, including precious metals and cash. This seizure is part of an investigation into a stock market investment fraud in the Mehsana district, officials stated on Thursday.

Details from the ED reveal the confiscation includes silver bullion, valued at approximately Rs 2.4 crore, alongside gold bullion worth around Rs 1.7 crore, and other assets indicating proceeds of crime. These assets were found in connection with a case against Himanshu aka Pintu Bhavsar and associates, registered under the Prevention of Money Laundering Act (PMLA).

The fraudulent scheme involved luring investors with promises of lucrative returns, falsely claiming to invest in the stock market while diverting funds for personal gain. Investigations have unearthed multiple FIRs, with the total fraud estimated at Rs 10.87 crore. The accused operated through unregistered advisory entities, further violating securities regulations.

(With inputs from agencies.)