Rajkot: An audit and financial consultant, Paresh Menpara, lodged a complaint against two persons, alleging that they defrauded him of Rs 71.89 lakh by promising monthly returns of 4% and a bank guarantee for his investment.The complaint accuses Amardeep Singh Thakur of Hyderabad and Rajiv Sharma of Junagadh. Menpara met Sharma while auditing a company in Bhesan taluka in 2011. Sharma advised him to invest in a company and introduced him to Ahmedabad residents Pranav Shah and Chintan Shah at Junagadh GIDC. The duo showed Menpara a presentation on Wetell Commodities Ltd.Sharma claimed to be the company’s agent or attorney and promised 4% monthly returns, along with 60% of additional profits, while the company would bear losses. The funds, he said, would be used for gold and silver futures trading.Menpara was later introduced to Thakur, who was presented as the company’s chairman. After Sharma assured him that a bank guarantee would be arranged, Menpara agreed to invest. He had Rs 75 lakh in his demat and trading accounts, from which Rs 71.89 lakh was transferred on Aug 22, 2011, and the following two days, before a formal agreement was executed.The agreement was later sent from Rohtak and signed on Sep 14, 2011. Menpara alleged that Thakur subsequently traded using the funds, while Sharma managed the company’s operations from Junagadh. Transactions allegedly exceeded the permitted limits in his accounts several times over.When the promised returns and principal were not paid, Menpara approached Sharma, who assured him that Thakur would repay the money. Two cheques issued in Thakur’s name were subsequently handed to Menpara, but both were not honoured for insufficient funds when presented on March 6, 2012.Menpara issued a legal notice under the Negotiable Instruments Act on March 17, 2012, and filed a complaint against Thakur in a Junagadh court, which was later transferred to Hyderabad.
