A massive fraud racket has been exposed in Vadodara where police discovered ₹1.62 crore worth of counterfeit currency and three kilograms of fake gold biscuits from the residence of the main accused. The case revolves around a sophisticated network that allegedly cheated people by promising cheap gold and facilitating loans worth crores. The mastermind, identified as Rajveer Parikh alias Ilyas Ajmeri, along with his associates, reportedly duped a Karnataka-based complainant of ₹4.92 crore.
The gang lured targets by offering gold at extremely low prices and claiming they could arrange loans of up to ₹10 crore. Based on a complaint filed by Manju R. Ravi from Karnataka, the JP Road Police Station registered a fraud case and began investigating several suspects involved in the scam. During the investigation, police raided the homes of the key accused Ilyas Ajmeri and his brother Idrish Ajmeri. The raid led to the recovery of two sacks filled with counterfeit currency amounting to ₹1.62 crore, as well as three kilograms of fake gold biscuits used in the fraudulent scheme.
Deputy Commissioner of Police (Zone 2) Manjita Vanzara stated that the case was registered on the 21st of the month, following which two individuals — Bharat Prajapati and Viral Sakariya — were arrested. The investigation revealed multiple layers of deception, with many more suspects still under scrutiny. Rajveer Parikh alias Ilyas Ajmeri was found to be the central figure orchestrating the scam. Further interrogation showed that the fake currency and gold were stored at the residence of his brother Idrish, leading police teams to conduct a thorough search.
One of the shocking revelations in the investigation is that the mastermind posed as a fake police officer to gain the trust of victims. This modus operandi was not new—according to DCP Vanzara, at least five previous cases involving similar tactics have already been registered against him. The accused allegedly used this impersonation strategy not only in Gujarat but may also have carried out parallel operations in other states. Police have initiated broader inquiries to identify victims and establish the full scale of the interstate fraud network.
As per the detailed complaint, Rajveer and his partners Vishal Barad and Naynaben Mahida operated from an office located near Genda Circle, named Signet Hub. The trio allegedly approached customers with the promise of supplying gold at cheaper rates. They initially offered convincing deals and collected large sums of money from individuals eager to make quick profits. Later, Vishal and Naynaben allegedly assured the complainant that they could arrange a loan of ₹10 crore through a bank, claiming Vishal was a professional loan agent. They demanded ₹31 lakh in advance as ‘bank commission’ and successfully extracted the money.
The complainant from Karnataka was persuaded to pay a total of ₹4.92 crore over time, under various false assurances related to gold supply and loan processing. Ultimately, neither the gold was delivered nor the loan sanctioned, leading to the realization that the gang had orchestrated a full-fledged scam. When the complainant demanded explanations, the accused allegedly avoided calls and cut off contact, confirming intentional fraud.
The fraud complaint names a total of 19 individuals, including Vishal Vinod Barad, Nayna Mahida, Rajveer Parikh alias Ilyas Ajmeri, a driver named Sultan, Viral (a doctor), Lalabhai, Sameerbhai, Ganesh, Harsh Sharma, and a fake Enforcement Directorate (ED) officer named Srinivasan. Another accused posed as a Maharashtra toll police officer and stopped vehicles to stage fake checks. Police believe that each member played a specific role in luring, convincing, or extracting money from victims.
JP Road Police have launched an intensive search operation to locate and arrest the remaining suspects. The authorities are now working to trace the money trail and identify others who may have been targeted by the scam. Investigators are examining whether the counterfeit currency and fake gold were produced locally or sourced through a broader criminal syndicate.
The massive seizure and ongoing arrests indicate that the gang may have deceived multiple individuals across states. Police have urged the public to stay alert and avoid falling for schemes that promise gold at unusually low prices or guaranteed high-value loans.
