ED Seizes Assets Worth Rs 4.59 Crore in Gujarat Stock Fraud Case

The Enforcement Directorate (ED) in India has seized gold, silver, cash, and foreign currency worth over Rs 4.59 crore.

This was done in connection with a stock market investment fraud case in Gujarat's Mehsana district.

The main accused, Himanshu Bhavsar, also known as Pintu Bhavsar, and others are alleged to have tricked people into investing money in the stock market with promises of high returns.

However, they did not invest the money as promised and instead used it for themselves.

The ED found out about this fraud through a police report and further investigations revealed that the total amount of money involved in the fraud is Rs 10.87 crore.

Bhavsar and his team had set up offices in different places and hired people to call potential investors.

They also used certificates from the Securities and Exchange Board of India (SEBI) to make their activities seem legal, but none of their entities were actually registered with SEBI.