ED Cracks Down on Gujarat Stock Scam, Seizes Assets Worth ₹4 Crore+

The Enforcement Directorate (ED) seized several kilograms of gold and silver along with cash exceeding Rs 4 crore from premises in Gujarat's Mehsana district on Friday, January 2, 2026, as part of an ongoing money laundering probe linked to a large-scale stock market investment scam. The Ahmedabad unit of the ED recovered 110 kg of silver bars and coins valued at approximately Rs 2.4 crore, 1.2 kg of gold worth around Rs 1.7 crore, and 39 kg of silver jewelry. Additionally, authorities confiscated cash amounting to Rs 38 lakh, foreign currency equivalent to at least Rs 10.6 lakh, and various documents pertaining to multiple properties.

The investigation centers on the alleged mastermind of the fraud, Himanshu, alias Pintu Bhavsar, and his associates, who have been booked under the Prevention of Money Laundering Act (PMLA). According to the ED, the accused operated a sophisticated scheme in which they lured ordinary citizens with promises of exceptionally high returns through stock market investments. To execute the fraud, they reportedly hired multiple employees who made repeated phone calls to potential investors, creating a false sense of legitimacy and urgency to extract funds.

The seized assets are believed to represent proceeds generated from the fraudulent activities. The ED's action follows earlier probes that uncovered a network designed to deceive investors by guaranteeing unrealistic profits. Once substantial amounts were collected, the accused allegedly diverted the funds for personal gain and to sustain the operation, leaving numerous victims without returns or access to their capital.

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The case highlights the growing challenge of financial frauds disguised as lucrative investment opportunities, often exploiting trust through aggressive telemarketing tactics. The ED continues to investigate the full extent of the scam, including the trail of laundered money and the involvement of additional individuals. Authorities have urged citizens to exercise caution and verify investment schemes through official channels to avoid falling victim to similar frauds. The seized items and documents are expected to provide critical evidence as the probe progresses.

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