Gujarat Police arrest Indore man in ₹9.61 crore Rajkot investment fraud
Synopsis
A Rajkot investment scheme that promised returns through debit-card swiping and loans collected over ₹9.61 crore from multiple investors before the accused fled to Indore. Police tracked Hardik Tanna using technical intelligence and arrested him from Vijay Nagar — a cross-state operation that highlights how informal investment frauds are increasingly exploiting trust before vanishing with crores.
Key Takeaways
Hardik Tanna was arrested from Vijay Nagar, Indore by Rajkot City Police in connection with an alleged ₹9.61 crore investment fraud.
The accused allegedly operated through a firm called Dwarkadhish Enterprise , promising returns via debit-card swiping and loan services from 2023 onwards.
Total amount allegedly collected: ₹9,61,91,492 from the complainant and multiple investors.
Case registered on 19 August at Gandhigram-2 (University) Police Station under the Bharatiya Nyaya Sanhita and the Gujarat Protection of Interests of Depositors Act, 2003 .
The operation was directed by Police Commissioner Brajeshkumar Jha and Additional Commissioner Chaitanya Mandlik .
Tanna reportedly admitted to the offence during questioning and has been brought back to Rajkot for legal proceedings.
Rajkot City Police have arrested Hardik Tanna, a resident of Indore, Madhya Pradesh, for allegedly defrauding a complainant and multiple investors of ₹9.61 crore through a firm called Dwarkadhish Enterprise. The arrest was made from the Vijay Nagar area of Indore after police tracked the accused using technical and confidential intelligence sources.
How the Alleged Fraud Unfolded
According to police, the alleged scheme began in 2023. Tanna reportedly told investors that Dwarkadhish Enterprise was engaged in swiping debit cards and offering loans against them, promising high returns on investment. In a pattern consistent with Ponzi-style operations, he allegedly returned small sums to early investors to build trust before soliciting larger amounts.
After establishing credibility, Tanna allegedly collected further investments through both bank transfers and cash. Police said he collected a total of ₹9,61,91,492 from the complainant and various investors before misappropriating the funds and fleeing Rajkot.
Case Registration and Legal Sections
An offence was formally registered at Gandhigram-2 (University) Police Station on 19 August under Section 316(5) of the Bharatiya Nyaya Sanhita, 2023, and Section 3 of the Gujarat Protection of Interests of Depositors (in Financial Establishments) Act, 2003. The Gujarat depositors' protection law is specifically designed to address financial fraud involving public money collected through unlicensed or dubious investment schemes.
The Arrest Operation
Police Inspector K.K. Gohil directed Police Sub-Inspector R.R. Kothiya and a dedicated team to trace Tanna after the case was registered. Acting on intelligence placing the accused in Indore, the team travelled to the city and apprehended him from the Vijay Nagar locality. During questioning, Tanna reportedly admitted to the offence. He was subsequently brought back to Rajkot for further legal proceedings.
The operation was carried out under the direction of Rajkot City Police Commissioner Brajeshkumar Jha and Additional Police Commissioner Chaitanya Mandlik, with oversight from other senior officials, police said.
Broader Context
Investment fraud schemes promising guaranteed returns through fictitious financial products have seen a notable rise across Gujarat and other states. This is not the first such case in Rajkot — the city has seen several complaints involving informal investment firms that collapse after collecting crores from small and mid-level investors. The use of the Gujarat depositors' protection statute signals that authorities are treating the case as a systemic financial crime, not merely a civil dispute.
Point of View
Early token returns to build confidence, and a flight once collections peak. What stands out is the cross-state dimension — Rajkot police deploying technical surveillance to track a suspect to Indore signals improved inter-state coordination, but also underscores how easily accused persons exploit jurisdictional gaps. The invocation of the Gujarat depositors' protection statute is significant; it carries stiffer consequences than ordinary cheating charges and suggests investigators are building a case that could implicate a wider network. Whether other accused or beneficiaries are involved remains the key question authorities have not yet answered publicly.
NationPress
25 Aug 2026
Frequently Asked Questions
Who is Hardik Tanna and what is he accused of?
Hardik Tanna is a resident of Indore, Madhya Pradesh, accused of defrauding a complainant and multiple investors of ₹9.61 crore through a firm called Dwarkadhish Enterprise. He allegedly promised high returns through debit-card swiping and loan services before misappropriating the funds and fleeing Rajkot.
How did Rajkot Police track and arrest Hardik Tanna?
Rajkot Police used technical and confidential intelligence sources to establish that Tanna was in Indore. A team led by Police Sub-Inspector R.R. Kothiya travelled to the city and arrested him from the Vijay Nagar area. He reportedly admitted to the offence during questioning.
What laws have been invoked in the Dwarkadhish Enterprise fraud case?
The case was registered under Section 316(5) of the Bharatiya Nyaya Sanhita, 2023, and Section 3 of the Gujarat Protection of Interests of Depositors (in Financial Establishments) Act, 2003 — a statute specifically targeting financial fraud involving public money collected through unlicensed investment schemes.
When did the alleged fraud begin and how much money was collected?
The alleged fraud reportedly began in 2023. According to police, Tanna collected a total of ₹9,61,91,492 from the complainant and various investors through bank transfers and cash before fleeing.
Who oversaw the arrest operation?
The operation was carried out under the direction of Rajkot City Police Commissioner Brajeshkumar Jha and Additional Police Commissioner Chaitanya Mandlik, with supervision from other senior officials at Gandhigram-2 (University) Police Station.
