Gujarat investment fraud: Two held in ₹1.27 crore scam, 235 bank accounts under probe
Synopsis
Two men have been arrested in Ahmedabad for allegedly defrauding investors of ₹1.27 crore through a company that promised to double or triple money within two years. With 235 bank accounts now under scrutiny, six shell companies under the scanner, and a third accused still at large, the investigation may reveal a far larger network of victims than the initial complaint suggests.
Key Takeaways
Ahmedabad EOW arrested Alkeshpuri Goswami (Surendranagar) and Bhargav Pandya (Vadodara) in an alleged ₹1.27 crore investment fraud on 26 October 2026 .
Investors were allegedly promised monthly returns of 2% and assured their money would double or triple within two years .
Police have identified 235 bank accounts linked to the accused, their families, and their companies, including approximately 150 tied to Pandya alone.
Six companies allegedly set up in the names of the accused and their relatives are under investigation.
A third accused, Virat Parmar , is yet to be arrested and is being actively traced by police.
The case has been registered under the Bharatiya Nyaya Sanhita, 2023 and the Gujarat Protection of Interests of Depositors Act, 2003 .
The Economic Offences Wing (EOW) of the Ahmedabad Crime Branch, Gujarat Police, has arrested two men in connection with an alleged ₹1.27 crore investment fraud, in which victims were promised monthly returns of 2% and assured their money would double or triple within two years, police said on Monday, 26 October 2026. The accused allegedly operated through a web of shell companies and multiple bank accounts to siphon investor funds.
Who Was Arrested
The two accused have been identified as Alkeshpuri Goswami, a resident of Katuda in Surendranagar district, and Bhargav Pandya, a resident of Vadodara. Both were arrested following a complaint filed by Rajnikant Ramani, 37, a construction businessman. Police have obtained their remand for further investigation. A third accused, Virat Parmar, is yet to be arrested and is currently being traced.
How the Alleged Fraud Was Operated
According to the complaint, Parmar and Goswami established Discipline T&T Ventures Private Limited in 2023 and allegedly lured investors by promising returns higher than those offered by nationalised banks and moneylenders. The complainant Ramani allegedly invested ₹10 lakh, while other investors collectively put in ₹1.17 crore, taking the total alleged fraud amount to ₹1.27 crore.
Investors were reportedly made to enter into formal agreements, and the accused allegedly paid out some returns initially before abruptly stopping all payments. The funds were reportedly claimed to have been deployed in futures and options (F&O) trading through Pandya, with transactions allegedly routed through several of his bank accounts.
Scale of the Banking Trail
Investigators have identified 235 bank accounts linked to the accused, their family members, and their companies. Of these, approximately 150 accounts are associated with Pandya, his family, and his firm, while around 10 are linked to Goswami, his family, and his company. Police are currently analysing these accounts to determine whether the fraud extends beyond the victims named in the initial complaint.
Authorities are also scrutinising the accused persons' bank transactions, lockers, properties, and other assets as part of the ongoing investigation.
Companies Under the Scanner
Police are investigating six companies allegedly established in the names of the accused and their relatives: Persistence Investment Company LLP, Divyakshi Advisory LLP, Rudrakshi Advisory LLP, Krutakshi Data LLP, Trayaksh Corporation LLP, and Discipline Trader and Trainer. A case has also been separately registered at Adalaj police station.
Legal Sections Invoked
A case has been registered under Sections 316(2), 316(5), 318(4) and 54 of the Bharatiya Nyaya Sanhita, 2023, and Section 3 of the Gujarat Protection of Interests of Depositors (in Financial Establishments) Act, 2003. The investigation remains active, with police working to establish the full scale of alleged investor losses and trace the absconding accused Parmar.
Point of View
Early payouts to build trust, then a sudden halt once the investor pool stops growing. The use of six companies and 235 bank accounts points to deliberate layering designed to frustrate forensic tracing, not the improvised bookkeeping of small-time fraudsters. With a third accused still at large and investigators still mapping the full victim list, the ₹1.27 crore figure in the initial complaint may well be a floor, not a ceiling. Gujarat has seen a surge in such F&O-linked investment schemes exploiting retail investors unfamiliar with derivatives markets; the EOW's decision to invoke depositor protection law signals intent to pursue asset recovery, not just prosecution.
NationPress
26 Oct 2026
Frequently Asked Questions
What is the Gujarat investment fraud case involving ₹1.27 crore?
It is an alleged investment fraud in Ahmedabad where two men, Alkeshpuri Goswami and Bhargav Pandya, are accused of collecting ₹1.27 crore from investors by promising monthly returns of 2% and doubling or tripling of principal within two years. The Economic Offences Wing of the Ahmedabad Crime Branch arrested both on 26 October 2026.
How many bank accounts are under scrutiny in the Gujarat fraud case?
Police have identified 235 bank accounts linked to the accused, their family members, and their companies. Around 150 of these accounts are associated with accused Bhargav Pandya, his family, and his firm, while approximately 10 are linked to Alkeshpuri Goswami and his associates.
Who is Virat Parmar and why has he not been arrested?
Virat Parmar is one of the accused allegedly involved in establishing Discipline T&T Ventures Private Limited, the company at the centre of the fraud. He is yet to be arrested and police are currently tracing his whereabouts.
What laws have been invoked against the accused?
A case has been registered under Sections 316(2), 316(5), 318(4) and 54 of the Bharatiya Nyaya Sanhita, 2023, and Section 3 of the Gujarat Protection of Interests of Depositors (in Financial Establishments) Act, 2003. A separate case has also been registered at Adalaj police station.
Could the actual fraud be larger than ₹1.27 crore?
Police have not ruled out the possibility. Investigators are analysing 235 bank accounts to determine whether more investors were defrauded beyond those named in the original complaint. The ongoing scrutiny of six associated companies and various properties may reveal a wider network of victims.
