Rajkot man ends life after losing Rs 1.4cr in investment fraud

Rajkot: A 29-year-old man from Rajkot allegedly died by suicide after losing more than Rs 1.4 crore in what his family claims was a fraudulent investment scheme promising huge returns from the Canadian stock market and cryptocurrency. Police have booked a mother and son for abetment of suicide, cheating and criminal breach of trust, and launched a search for the accused, who are absconding.The deceased, identified as Hitesh Patel, a resident of the Sardar Chowk area, allegedly consumed poison at his residence on June 9. He was admitted to hospital in a critical condition and died during treatment on June 14.Based on a complaint lodged by Hitesh’s elder brother, Dharmesh Patel, the Aji Dam police registered an FIR against Yash Lunagariya of Kotda Sangani and his mother, Joshnaben, under BNS.According to the FIR, while being rushed to hospital after consuming poison, Hitesh allegedly told his elder brother that he took the extreme step because of the harassment caused by Yash and his mother.Yash and his mother had been living as tenants on the ground floor of the Patel family’s house for nearly two years. The family alleged that the duo gradually gained Hitesh’s confidence by promising high short-term returns through investments in the Canadian stock market and cryptocurrency.Initially, Hitesh invested Rs 1 lakh, which was returned after his family insisted on repayment, following which they convinced him to invest nearly Rs 1 crore in multiple instalments.

To arrange the money, Hitesh allegedly pledged around 163g of gold, availed a loan against his vehicle, borrowed money from relatives and friends, and secured loans from several finance companies. The complaint further stated that an additional Rs 40 lakh was later handed over to the accused after raising funds by pledging his wife’s gold jewellery and taking more loans.The family alleged that despite repeated requests, the accused neither returned the principal amount nor paid any promised profits, leaving Hitesh under severe financial pressure and mental stress for several months.Preliminary investigation revealed that Hitesh was employed at a private factory. Police said both accused were absconding and efforts are under way to trace and arrest them.