Ahmedabad: The Directorate of Enforcement, Ahmedabad Zonal Office, has seized assets worth over ₹4.6 crore in connection with an investment fraud case involving Himanshu alias Pintu Bhavsar and others under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002.

The seized assets include 110 kg of silver bullion valued at ₹2.4 crore, gold bullion weighing around 1.296 kg valued at ₹1.7 crore, approximately 39.7 kg of silver jewellery, Indian currency worth ₹38.8 lakh, foreign currencies equivalent to at least ₹10.6 lakh, and various property-related documents identified as proceeds of crime.

The ED initiated the probe based on an FIR registered by Kheralu Police Station under multiple sections of the Indian Penal Code against Himanshu alias Pintu Bhavsar and others. According to the FIR, the accused lured investors with promises of high returns from stock market investments but later defrauded them by misappropriating the funds for personal use without investing in any shares.

During the investigation, the ED found that at least six more FIRs had been registered against the accused in different states, with the total alleged fraud amounting to ₹10.87 crore.

The agency further revealed that the accused had opened multiple offices in Mehsana, Visnagar, and Vadnagar to collect funds from the public in the name of stock market investments. Employees were hired to make regular calls to potential investors, enticing them with assurances of higher returns.

The probe also uncovered that Himanshu Bharatkumar Bhavsar misused an Investment Adviser Certificate issued by SEBI in his individual capacity for the benefit of Vishwas Stocks Research Pvt. Ltd., Dalal Stocks Advisory Pvt. Ltd., and Devki Stocks Pvt. Ltd. These entities allegedly carried out unregistered investment advisory activities without obtaining mandatory registration from SEBI. In its order, SEBI held the companies and their directors, including Himanshu Bhavsar, responsible for violations related to illegal investment advisory services.

The ED said further investigation is underway to trace additional proceeds of crime and identify other persons involved in the alleged fraud. DeshGujarat