The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has seized assets worth several crores in connection with a large-scale fraudulent stock market investment scheme targeting common investors.
Key Seizures:
- Silver bullion: 110 kg (₹2.4 crore)
- Gold bullion: 1.296 kg (₹1.7 crore)
- Silver jewellery: ~39.7 kg
- Indian currency: ₹38.8 lakh
- Foreign currency: ₹10.6 lakh
- Property documents: Linked to proceeds of crime
The action was taken under the Prevention of Money Laundering Act (PMLA), 2002 against Himanshu alias Pintu Bhavsar and associates.
Background:
The investigation began after an FIR by Kheralu Police (Mehsana district) alleged that the accused lured investors with promises of high returns from stock market investments but misappropriated funds for personal use. Further inquiries revealed at least six additional FIRs across different states, with total fraud amounting to ₹10.87 crore.
Modus Operandi:
- Multiple offices were set up in Mehsana, Visnagar, and Vadnagar to attract funds from the public.
- Employees were hired to make calls and solicit investments with false promises of high returns.
- Himanshu Bhavsar misused his SEBI-issued Investment Advisor Certificate for unregistered advisory activities through three entities:
- Vishwas Stocks Research Pvt. Ltd.
- Dalal Stocks Advisory Pvt. Ltd.
- Devki Stocks Pvt. Ltd.
These entities were not registered with SEBI as Investment Advisors. SEBI has held the companies and their directors responsible for regulatory violations.
Source: ED Press Release dated 01/01/2026