Mumbai: 146 People Defrauded of Rs. 17 Cr in Bogus Investment Scam by GVR Exports

Mumbai Police’s Economic Offences Wing Registers Case Against GVR Exports and Imports Company Proprietor for Duping Investors

MUMBAI (India CSR): The Economic Offences Wing (EOW) of Mumbai Police has taken action against Venkataramanan Gopalan, the proprietor of GVR Exports and Imports Company, for allegedly defrauding 146 individuals of Rs. 17.94 crore. Gopalan enticed investors by promising them high returns of 8 to 10% interest on their investments.

EOW Files Case Against GVR Exports and Imports Company Proprietor

Paragraph 1: Dr Rajeev Sharma, a gynaecologist and the complainant in this case, came across an advertisement placed by GVR Exports and Imports Company in a newspaper. The advertisement highlighted attractive returns for investors. Intrigued, Sharma contacted Gopalan, who assured him of monthly interest rates between 8-10% if he invested in the company. Gopalan’s business involved supplying fruits, vegetables, dry fruits, and masala to Dubai, Malaysia, and Singapore. Sharma’s decision to invest Rs. 10 lakh was influenced by positive reviews from colleagues, Gopalan’s purported senior executive position at Anil Ambani’s Dubai-based banking and insurance company, a promise of a monthly return of Rs. 70,000, and the provision of securing affidavits.

Promised Returns of 8-10% Interest

Encouraged by the initial success, Sharma decided to invest a total of Rs. 76 lakh in Gopalan’s company, both under his own name and his mother’s. Until December 2022, Sharma received a monthly interest amounting to Rs. 18,38,200 through demand drafts (DD). However, he faced difficulties depositing the money in his bank as the DDs allegedly failed to clear. Gopalan proposed a solution, advising Sharma to pay a GST of Rs. 5.4 crores. He promised to repay the GST amount along with everyone’s investments by selling his property.

EOW Investigates Alleged Fraud by GVR Exports and Imports Company

Sadly, Gopalan stopped responding to calls, leaving Sharma and other investors in distress. In response, Sharma and fellow investors lodged a complaint with the EOW, leading to the filing of an FIR under the relevant sections of the Indian Penal Code. EOW officials have disclosed that a total of 146 individuals invested in GVR Exports and Imports Company from December 2021 to March 2023. The EOW is currently conducting an investigation into the matter.

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