Ahmedabad: The promise of earning Rs 500 per Rs 1 lakh processed allegedly lured a Nadiad distributor and several others into a gold-loan scheme. Investors claim they put in Rs 2.5 crore but received only Rs 30 lakh in commission before payments stopped.The matter has now reached the CID Crime Ahmedabad unit.The 44-year-old complainant said he had joined the payment-services company as a distributor in Feb 2020. He later became a super distributor, overseeing around 560 merchants across the district-level network.According to his complaint, company officials from Gujarat and Maharashtra approached him in 2021 with a gold-loan-related arrangement. He alleged that investors were promised a commission of Rs 500 for every Rs 1 lakh processed through the scheme.An agreement was allegedly executed in his mother’s name in Dec 2021, following which transactions were routed through a current account opened in her name. Between Dec 2021 and May 2023, the complainant and other investors allegedly put in Rs 2.5 crore through cash, bank transfers, angadia channels, branch deposits and digital-wallet or retailer IDs.The complainant claimed that around Rs 1 crore came from his own savings, while the remaining amount was collected from relatives, distributors, merchants and other investors.He alleged that the company initially paid around Rs 30 lakh as commission, but stopped making payments from Dec 2022. Despite repeated visits and assurances from company officials that the principal and pending commissions would be returned, the money was allegedly not repaid, the complaint stated.The complaint identifies senior officials associated with the company’s Gujarat-Maharashtra zonal operations and the Gujarat corporate office as those who allegedly explained the scheme and facilitated the agreement. It also alleges the involvement of other employees and associates.The CID Crime Ahmedabad unit will verify the transactions, examine the agreement and establish the roles of the company officials, employees and associates named in the complaint.
