A massive investment fraud case unfolding in Ahmedabad has taken a serious turn, with an elderly Paldi woman’s ₹26.40 crore loss emerging as the centerpiece of multiple complaints against alleged scamster Mihir Jitendrabhai Parikh and his close associates.
Sonalben, daughter of the deceased victim, has alleged in her complaint to the Economic Offences Wing (EOW) that her mother was systematically duped between September 2020 and September 2024 under the pretext of lucrative investments in LIC IPOs and government-backed schemes.
According to her complaint, Mihir Parikh and his associates allegedly built credibility using forged financial documents, including fake LIC policy papers, fabricated Union Bank passbooks showing non-existent entries, counterfeit receipts, and bogus documents linked to the Pradhan Mantri Vaya Vandana Yojana. Police sources say that Mihir Parikh also lured innocent people at his children’s school. His children study in a top international school in Ahmedabad.
When repayments were delayed and assurances failed, Sonalben initiated legal action, naming seven accused — including Parikh’s wife Dhara Parikh and mother Geetaben Parikh — pointing to what investigators suspect is a coordinated family-run operation.
Parallel Complaint: ₹5.30 Crore Fraud
In a separate but similar case, Ahmedabad-based industrialist Mahendra Devchandbhai Patel (66), owner of Varun Engineers in Vatva GIDC, has accused Parikh of cheating him and his family of ₹5.30 crore.
Patel stated he had known Parikh for nearly five years through a Lions Club network, where Parikh projected himself as a financial expert running MP Fincorp Services under the MP Group. He claimed to offer investments in shares through demat accounts with assured liquidity.
Trusting these claims, Patel and his family transferred funds via RTGS between December 2023 and January 2024 into an ICICI Bank account linked to the firm.
To reinforce the illusion, Parikh allegedly installed a mobile application titled “MP Financial Services” on Patel’s phone, displaying fake trading activity and inflating the investment value to ₹6.77 crore by mid-2025.
However, when Patel sought withdrawals in June 2025, payments were delayed. After persistent follow-ups, only ₹2.72 crore was returned in instalments. Despite issuing undated cheques and signing a memorandum promising settlement within 15 days — or property as collateral — Parikh allegedly failed to honour either commitment.
Verification with financial institutions later revealed a complete fabrication: no demat accounts had been opened and no trading activity had taken place. Investigators believe forged ledgers and the app were used to mislead investors while funds were siphoned off.
Of the ₹5.30 crore invested, ₹2.57 crore remains unpaid, with total dues, including promised returns, pegged at ₹4.04 crore.
Another Victim Comes Forward
Navrangpura resident Jigar Shah has also filed a complaint, alleging he was lured with promises of 30–35% returns on LIC-linked investments. Shah, who claims to have known Parikh for over 15 years, transferred ₹43 lakh to MP Fincorp Services.
He later discovered that deposit slips were fake and no investment account existed in his name.
Pattern of Deception Emerging
Police investigations indicate a broader, organised pattern. At least five complaints had already been registered against Parikh and his associates, with two more added recently. Officials now estimate the total fraud could exceed ₹50 crore.
The accused allegedly operated through a seemingly legitimate office at Shivalik Shilp near ISKCON Crossroads, using forged documents, fake digital platforms, and personal networks to build trust.
Investigators have also found that Parikh tapped into social and personal circles — including contacts linked to his son’s elite international school — to expand his client base.
Accused and Probe Status
The FIR names:
- Mihir Jitendrabhai Parikh
- Dhara Parikh (wife)
- Geetaben Parikh (mother)
- Hemrajsinh Vikramsinh Rana (associate)
The case was registered with approval from the Ahmedabad Police Commissioner’s office. Authorities are currently examining financial trails, bank transactions, and digital evidence to identify additional victims and determine the full extent of the scam.
Also Read: One Crore Investors, Rising Scams: Gujarat Hit By Investment Fraud Wave https://www.vibesofindia.com/one-crore-investors-rising-scams-gujarat-hit-by-investment-fraud-wave/
