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A group of investors has alleged financial fraud amounting to approximately INR 1.56 crore in connection with a commercial investment scheme linked to the World Trade Centre (WTC) GIFT City Tower-C development in Gujarat. The complaint, registered by the Gujarat CID (Crime) in the past week, claims investors were persuaded in 2021 to purchase commercial units in the project with assurances of a 1% monthly return, a buyback guarantee after two years, and a 12% bonus. According to the complaint, investors initially received monthly payouts for nearly a year, which reinforced confidence in the scheme. However, payments reportedly stopped in 2022, and cheques issued for repayment of the principal and bonus were later dishonoured. Investigators are now examining financial transactions, agreements and the involvement of company representatives connected to the project.
A complaint alleging financial fraud of around INR 1.56 crore linked to a commercial investment scheme in the World Trade Centre (WTC) GIFT City Tower-C project has been registered by the Gujarat CID (Crime), following allegations from investors that promised returns and repayment commitments were not honoured. The case was registered in the past week after three investors from Ahmedabad claimed they were induced to invest in commercial units in the development with assurances of fixed monthly returns and a buyback arrangement. Advertisement
According to investigators, the investors were approached in 2021 by a real estate intermediary who presented an opportunity to acquire commercial space in the WTC GIFT City Tower-C project located in Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The scheme allegedly promised investors a monthly return of 1% on their invested capital, along with a buyback guarantee after two years and an additional 12% bonus on the investment.
Officials said the investors were taken to a corporate office in GIFT City where representatives associated with the project explained the structure of the investment scheme. They reportedly assured potential buyers that the transactions would be conducted through formal banking channels and supported by documentation including booking letters, agreements and post-dated cheques issued as security for both the invested amount and the promised bonus.
Based on these assurances, three individuals collectively invested approximately INR 1.56 crore in 2021 through bank transfers and cheques linked to accounts associated with the project. In return, the investors were issued booking letters and related documentation for a commercial shop in the proposed development, indicating that their funds were tied to a specific unit within the project.
Investigators noted that the scheme initially delivered the promised returns, with monthly payouts reportedly credited to the investors bank accounts for nearly a year. This payment track record strengthened investor confidence in the arrangement and reinforced the perception that the project and investment structure were legitimate.
However, the payments allegedly stopped around September 2022. When the investors later attempted to deposit the post-dated cheques issued to cover repayment of the principal investment and the promised bonus, most of the cheques were dishonoured by the bank. The complainants have alleged that more than INR 1.27 crore of the invested amount remains unpaid.
Following the complaint, CID (Crime) authorities initiated a formal investigation and began examining financial transactions, agreements and documentation linked to the investment scheme. Officials indicated that the probe will also assess the role of company representatives and intermediaries associated with the project.
Investigators are also reviewing whether additional investors may have been approached under similar arrangements connected to the development and whether further complaints could emerge as the inquiry progresses. Authorities said the investigation is ongoing and will seek to identify all individuals involved in the alleged financial fraud.
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