Rajkot: Sikka police in Jamnagar district have registered a criminal case against a local resident, Asgar Gafar Pirzada, for allegedly duping 100 to 150 people of around Rs 5 crore by promising high returns on investments in a cigarette import-export business.According to the FIR, the complaint was filed by S H Kakal (26), a grocery store owner residing in the Vadinar area behind Naz Cinema in Sikka.Kakal told police that he met Pirzada, who resides in Sikka’s Panchvati area, around four months ago at a relative’s wedding. Pirzada claimed that he worked for a shipping company and said he used his industry contacts to operate a profitable cigarette import-export business. He allegedly promised investors that their money would double within a month—for instance, a Rs 3 lakh investment would yield Rs 6 lakh.Convinced by the promise of quick returns, Kakal allegedly handed over Rs 12 lakh in cash to Pirzada at his residence on May 6. The money, according to the complaint, had been arranged by liquidating Kakal’s fixed deposits. Pirzada allegedly issued a cheque for Rs 12 lakh as security against the investment.However, when Kakal sought repayment after a month, Pirzada allegedly kept postponing the payment, citing various reasons. Around 15 days before the complaint was filed, he disappeared from the village.Subsequent inquiries by local residents revealed that several others had also invested large sums with Pirzada. Police were informed that he had allegedly collected Rs 21 lakh from Osman Pirzada and his relatives, Rs 9 lakh from Altaf Bhaya and his family and around Rs 88 lakh from Firoz Daud Sumbhaniya and his acquaintances.Police suspect that Pirzada collected approximately Rs 5 crore from 100 to 150 people. While he allegedly returned small instalments to a few investors, he is accused of absconding with the remaining amount.Based on Kakal’s complaint, Sikka police registered a case against Pirzada under Section 316(2) of the Bharatiya Nyaya Sanhita (BNS) in connection with the alleged financial fraud. Police are investigating the case and the wider network of investors who may have been affected.
