Doctor and family duped of Rs 90 lakhs in share market scam

Fraudster promised 4.5 percent return on investment

Chhatrapati Sambhajinagar : A doctor and his family in Chhatrapati Sambhajinagar were victims of a Rs 90 lakh scam perpetrated by Vrishab Anil Ajmera (29, Shahganj). A case has been registered against Ajmera at the City Chowk police station.

The complainant, anesthesiologist Dr Murad Mohmand Ali Kudchiwala, works at various hospitals in the city. Through his visits to Dr Ramesh Badjate’s Bhavna Bhavna Nursing Home, Dr Kudchiwala became acquainted with Vrishab Ajmera, who ran Pritam Medical within the hospital premises.

Ajmera allegedly convinced Dr Kudchiwala and his family to invest in Algo trading, a form of algorithmic share market trading. Believing Ajmera, Dr Kudchiwala invested Rs 5 lakh each on behalf of his daughter and his mother on June 2, 2022. Ajmera reportedly provided initial returns of around 4.5 percent per month, fostering trust with the family.

Encouraged by the apparent returns, Dr Kudchiwala's sisters from Nashik and Hyderabad also invested through Ajmera. The total investment amounted to Rs 20 lakh in cash and Rs 70 lakh transferred via bank. By March 2023, Ajmera had reportedly returned a total of Rs 20.28 lakh. However, payments allegedly ceased in March 2023. Ajmera attributed this to stock market losses and promised repayment.

Suicide delays police report

The situation took a tragic turn when Ajmera's father, Anil Tarachand Ajmera (58), reportedly committed suicide in July 2023 at Harsul Lake. Vrishab had reportedly taken loans worth lakhs of rupees just before this incident. Dr Kudchiwala's family granted Vrishab some time due to the suicide but later Ajmera switched off his phone.

Investigation underway

Realizing they were likely victims of fraud, Dr Kudchiwala filed a complaint in the City Chowk police station. PSI Nivrutti Gaike is further investigating the case.