Himmatnagar (Sabarkantha): After the infamous B.Z. scam that duped hundreds in Sabarkantha, another multi-crore Ponzi scheme has surfaced in Himmatnagar. This time, three individuals allegedly lured investors with promises of up to 10% monthly returns, siphoning off more than ₹3.42 crore from unsuspecting locals over three years through two bogus firms named A.R. Consultancy and A.R. Capital.

The fraud came to light after Pushparajsinh Bharatsinh Parmar, a resident of Mehtapura in Himmatnagar, lodged a formal complaint at the Himmatnagar ‘A’ Division Police Station on Dussehra. Following the complaint, the Sabarkantha Police initiated a probe and are now forming a Special Investigation Team (SIT) to trace and arrest the accused.

Offices Set Up to Lure Investors

According to the complaint, the prime accused Ajaysinh Rajusinh Makwana, along with Rajusinh Lalsinh Makwana and Vanrajsinh Dilipsinh Jhala, opened two offices in a commercial complex on Sahakarijin Road, Himmatnagar, under the names A.R. Consultancy and A.R. Capital between 2022 and 2024.

Ajaysinh, a former professor at Gromor College, reportedly left his job at the earlier Ponzi firm BZ Group and started these new entities with his associates. They claimed to invest the collected money in Bitcoin and U.S. Treasury bills, promising investors returns far higher than those offered by banks.

The scam was promoted aggressively through social media and local marketing, attracting over ten investors initially, before expanding to others.

Over ₹3.42 Crore Collected; Interest Payments Stopped in 2024

Police investigations revealed that the trio collected ₹3.42 crore in two phases from investors across Sabarkantha and nearby districts. Initially, they paid 5% interest per month to gain credibility, but by 2024, they stopped all payments and allegedly shut down both offices overnight, vanishing with the investors’ money.

Key Investors and Amounts Lost

Some of the affected investors include:

Rajveersinh Bharatsinh Parmar (Himmatnagar) – ₹70 lakh

Surajsinh Vikramsinh Rathod (Mahadevpura) – ₹70 lakh

Kiranbhai Amritbhai Patel (Kakanol) – ₹20 lakh

Bhupendrasinh Amarsinh Chauhan (Mahadevpura) – ₹30 lakh

Rameshbhai Jenaji Makwana (Thumra) – ₹12 lakh

Others from Modasa, Idar, and Mehtapura – ₹5 to ₹14 lakh each

No Written Agreements, Only Verbal Promises

Investigators said none of the investors were given written agreements. “They were simply told to trust the operators and assured that their money was safe,” an officer said. “Many victims were educated professionals who believed they could earn more through this scheme.”

Police Action and Investigation

Following the Dussehra complaint, PI Prakash Chaudhary and his team sealed both offices, seized computers and key financial documents, and began searches at the residences of the accused. However, the trio remains absconding.

DySP A.K. Patel confirmed that “three dedicated police teams have been formed to trace the accused. They are suspected to have taken deposits from several other investors as well. Once apprehended, further legal action will be taken.”

Himmatnagar: A Growing Hub for Financial Scams

This is the third major financial fraud reported in Himmatnagar in recent years. Earlier, Bhupendrasinh Zala (BZ Group) was jailed for duping investors, and Sikandar Lodha and his son were arrested for defrauding workers of lakhs under the pretext of providing foreign work visas.

Experts say the region’s rising number of scams reflects a troubling trend—educated investors chasing quick profits through unregulated schemes. As one local remarked, “Everyone wants fast money, but the truth always catches up—just as it has now.”

Police have urged citizens to verify the registration and licensing status of any investment firm before parting with their money.