Rajkot: Several people in Jamnagar have been duped of Rs 63 lakh by a man claiming to be a bank manager, who lured them into investing in the stock market by promising handsome returns.On the complaint lodged by a businessman, Deven Patel, on March 2, the City B-Division police booked Hiren Lakhani, a resident of the Gandhinagar Road area, who allegedly orchestrated the fraud between Feb 2023 and Oct 2025.According to the FIR, Lakhani gained the victims’ trust by claiming to be a branch manager of a private bank dealing in the stock market. He convinced Patel, along with his family members and associates, to invest heavily in the stock market, promising to act as their agent. To lure the investors, Lakhani promised to take only a 7% commission on the profits and provided a personal guarantee that their principal investment amounts would remain safe and be returned in case of any market losses.Patel and his associates handed over total control and full access to their demat accounts to Lakhani. The victims included Patel’s son Jinay, his daughter Bhavyanshi, his business partner Rupal Solanki, as well as friends Ghanshyamsinh Jadeja and Pradipsinh Jhala.Initially, Lakhani returned some principal amounts and minor profits to build confidence. However, over time, he falsely claimed massive stock market losses across their accounts and repeatedly delayed returning the remaining funds. When pushed for money, Lakhani ultimately refused to return the outstanding capital, constituting a massive breach of trust.The official complaint outlined the total disputed amount as approximately Rs 63.94 lakh.
