Rs 1.44 billion fraud with Rajkot trader: Ahmedabad's CA with friends invested in Indonesian coal importing and selling it in India

A sensational case has come to light in which a Chartered Accountant (CA) of Ahmedabad and two other directors of his company along with a Rajkot businessman and his acquaintances committed a fraud of more than Rs 1.44 billion by luring them with high returns in the business of import-export of Indonesian coal. The Economic Offences Prevention Branch (EOW) of Rajkot has registered a case against the accused and further investigation is underway. The accused got a loan by mortgaging the land in the name of the directors of Turnrest Resources Pvt Ltd The accused, Jay Chatalia, had shown that his company 'Turnrest Resources Pvt Ltd' was in the business of importing large quantities of Indonesian coal and selling it all over India. He lured the complainant and other investors to deposit the money in the company by placing the land and properties in the bank as mortgage. Turnover of Rs 2000 crore in 5 years The investors were lured that the turnover of the company would be between Rs 1500 and Rs 2000 crore in 5 years and it would give a huge profit and high returns. The condition was that the deposit or property could not be released for 5 years. The victim was given an investment of Rs 1.44 billion. The complainant Jayendrabhai Muljibhai Akbari and his acquaintances Keshubhai Haribhai Bodar, Khodabhai Mohanbhai Boghra, Rasikbhai Bodar and Bhanuben Bodar etc. had obtained a total loan / CC of Rs. 1,44,19,26,000 (Rs. 1.44 billion) by mortgaging valuable non-agricultural land and other properties in Vad Wajdi village of Lodhika in Rajkot district. Bogus signatures and fraud busted. The accused used to keep the investors in the dark by sending bogus audit reports and buy-sell emails from time to time. The fraud was exposed by not paying any compensation or refund of capital even after the lapse of 5 years. Further, it has been found that the fraud was committed by forging documents without the consent or signatures of the investors at the time of renewal of the bank's CC/loan. The Rajkot EOW police have registered a case of criminal conspiracy, cheating and forgery against all the accused and have launched a case of arrest.