Surat: Katargam-based Shah’s Investment had roped in social media influencers, including Nitin Jani (popularly known as Khajurbhai), to inaugurate its office and launch its stock market app. Jani was seen on stage and across social media platforms promoting the company. Gujarati actors such as Hiten Kumar, Mitra Gadhavi, and Janaki Bodiwala were also engaged for promotional campaigns.

The company’s owners, Hardik Shah and Pooja Shah, have now been booked by the police following a complaint by 43-year-old investor Parth Ratilal Pandya, a shopkeeper from Mahuva, Bhavnagar.

According to the complaint, Shah’s Investment offered fixed investment schemes promising attractive returns. Pandya, influenced by endorsements from Jani and others, invested a total of ₹1.32 crore. However, when he sought repayment, the company initially refused and later issued cheques that bounced.

Police investigation revealed that on 9 February 2025, Pandya was given a cheque of ₹58 lakh from an account with only ₹1.48 lakh balance, and on 17 February the same account showed a balance of just ₹87,139.

Pandya alleged that the Shahs falsely claimed their company was registered with SEBI and associated with Angel One Ltd. He said he discovered in June 2025, through an advertisement in Sandesh daily and on patty360.com, that Shah’s Investment had no such association and that the schemes were in fact Ponzi offerings. Pandya further stated that when he demanded his money back, he was initially threatened.

The company had launched its “Stock In” app at LP Savani Sports Complex in Surat in the presence of social media influencers Nitin Jani and Tarun Jani. In one Instagram video, Khajurbhai is seen stating that he trusts Shah’s Investment.

In his complaint, Pandya said that when he visited the Katargam office, Shah presented brochures and highlighted endorsements by personalities like Nitin Jani, assuring that investments were safe and returns guaranteed.

The schemes offered by the company included:

• 4% return: every 42 days for 6 months, with return of capital.

• 8% return: every 75 days for 6 months, with return of capital.

• 8% return: capital returned with 8% in 15 days.

• 12% return: capital returned with 12% in 100 days.

Pandya invested in the 8% return scheme. He initially invested ₹15 lakh in the name of his father Ratilal on 3 March 2024 through RTGS from his HDFC account. Encouraged by the returns, he later invested ₹58 lakh in the names of his wife Dipali, daughter Priya, and son Mantra. However, even after the end of the investment cycle in January 2025, no further returns were paid.

When Pandya pressed for repayment, Hardik and Pooja Shah allegedly gave excuses. On 9 February 2025, they issued three cheques totaling ₹58 lakh, which subsequently bounced. Following this, Pandya approached the CID Crime Police, leading to the registration of a case.

Police said their preliminary probe has revealed transactions worth ₹55 crore in the bank accounts linked to Shah’s Investment. Shah’s Investment Instagram page shows its owner getting award (generally such awards are paid ones) in the function hosted by a leading newspaper. The Instagram page is full of reels by social media influences, Gujarati actors, and young girls promoting the company, which is now under clouds. DeshGujarat