A proprietor of a coaching class in Rajkot has lost Rs 50 lakhs in an unscrupulous partnership transaction as a result of sophisticated fraud.
50-year-old Atul Baldev has accused Lodhika taluka resident Chetan Parmar of forging and scamming. He has lodged a police case at the Malaviya Nagar police station. Baldev claims Parmar persuaded him to invest in his firm, Krishna Enterprise, with the promise of large profits.
The story began in November 2023 when Baldev reportedly came across an advertisement by Parmar seeking a partner for business expansion. Parmar presented Krishna Enterprise as a company that appoints delivery personnel for food aggregators like Zomato and Swiggy. He allegedly claimed their operation generated substantial profits through commission fees on deliveries, ranging from ₹2,500 to ₹5,000 per person. To add credibility, Parmar supposedly presented fabricated bank statements showcasing a hefty deposit of over ₹1 crore with Zomato and documents indicating GST payment on a profit of ₹70 lakh
Enticed by the prospect of significant profits, Baldev agreed to invest. He transferred a total of ₹50 lakh, half from his savings and the other half secured as a loan from the Bank of Baroda. This sum was deposited into Krishna Enterprise’s HDFC Bank account.
To solidify the deal, a partnership deed was signed in March 2024, granting Baldev a 50% stake in the company. The agreement reportedly stipulated that if the partnership dissolved, Parmar would be responsible for retrieving the alleged ₹1 crore deposited with Zomato.
However, red flags emerged when Baldev requested access to company account details in April and May. Parmar allegedly stonewalled him, claiming he would manage the accounts independently. Despite the lack of transparency, Parmar reportedly promised fixed monthly payouts to Baldev – ₹4 lakhs for March and April, ₹6 lakhs for May and June, and a guaranteed profit of ₹5 lakhs per month starting from July. Additionally, the agreement supposedly allowed Baldev to recoup his initial investment (₹50 lakh) within 15 days if he chose to dissolve the partnership.
Further investigation by Baldev revealed a disturbing truth. The supposed HDFC bank statements and Zomato receipts Parmar presented were meticulously crafted forgeries. Confronted with the evidence, Parmar reportedly admitted to fabricating all the documents.
The Malaviya Nagar police are currently searching for Parmar. This incident serves as a stern warning to prospective investors to be careful and do some research before they put their money into any business. As long as the investigation is ongoing, Baldev’s hopes for the return of the invested amount are at large
