In Ahmedabad, a gold-loan scheme has reportedly defrauded a distributor from Nadiad and several other investors. The scheme promised returns of Rs 500 for every Rs 1 lakh processed. However, investors claim to have collectively invested Rs 2.5 crore but received only Rs 30 lakh in commissions before payments ceased entirely.
The 44-year-old complainant said he had joined the payment-services company as a distributor in Feb 2020. He later became a super distributor, overseeing around 560 merchants across the district-level network. Company officials from Gujarat and Maharashtra approached him in 2021 with a gold-loan-related arrangement, according to his complaint. He alleged that investors were promised a commission of Rs 500 for every Rs 1 lakh processed through the scheme. An agreement was allegedly executed in his mother’s name in Dec 2021, following which transactions were routed through a current account opened in her name. Between Dec 2021 and May 2023, the complainant and other investors allegedly put in Rs 2.5 crore through cash, bank transfers, angadia channels, branch deposits and digital-wallet or retailer IDs. The complainant claimed that around Rs 1 crore came from his own savings, while the remaining amount was collected from relatives, distributors, merchants and other investors. He alleged that the company initially paid around Rs 30 lakh as commission, but stopped making payments from Dec 2022.
You Can Also Check: Gold Rate in Ahmedabad | Silver Rate in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Ahmedabad AQI | Weather in Ahmedabad | Petrol Price in Ahmedabad | Diesel Price in Ahmedabad | CNG Price in Ahmedabad | LPG Price in Ahmedabad Stay updated with the latest Ahmedabad news. The matter has now reached the CID Crime Ahmedabad unit. Despite repeated visits and assurances from company officials that the principal and pending commissions would be returned, the money was allegedly not repaid, the complaint stated. The complaint identifies senior officials associated with the company’s Gujarat-Maharashtra zonal operations and the Gujarat corporate office as those who allegedly explained the scheme and facilitated the agreement. It also alleges the involvement of other employees and associates. The CID Crime Ahmedabad unit will verify the transactions, examine the agreement and establish the roles of the company officials, employees and associates named in the complaint. Download the TOI App.