IIM-alumni booked for fraud after duping two former classmates of Rs. 8.5 crore

He and his woman Fawzia Vipparthi, allegedly accepted wealth from the 2 victims, promising them precocious returns by investing their wealth successful the share market. But they failed to fulfil their promises.

There was a hold successful filing the FIR by the Mumbai police, and erstwhile they yet registered the case, it had already been 7 months since the accused idiosyncratic died owed to prolonged disease.

According to the constabulary complaint, the 55-year-old complainant successful the case, a erstwhile IIT-Kanpur and IIM-Ahmedabad, successful the twelvemonth 2021 met Vipparthi, his classmate successful IIT-Madras, astatine a party. Another of the complainant’s classmates was contiguous astatine the party, wherever Vipparthi informed them astir his PMS (Portfolio Management Services) business.

Vipparthi, allegedly informed the 2 that if they invested wealth done his firm, his steadfast would put successful the stock marketplace and could get them a bully profit, stated the complainant successful his complaint.

Trusting Vipparthi, who was a person and a classmate, the 2 decided to put wealth done him, the complainant said.

Between January 2021 and March 2024, Vipparthi accepted wealth from the 2 friends successful the relationship of his firm, Idika Consultancy Services LLP, states the FIR.

“He would regularly nonstop america excel sheets showing the nett our investments had made. The past excel expanse helium sent america showed with the nett earned, our superior had go astir Rs 15 crore. We trusted him arsenic helium was our person and classmate and ne'er crossed-checked it. Later, we discovered that helium defrauded us,” the complainant said.

“While we were chasing him for our money, we discovered that helium had likewise defrauded implicit 20 of our classmates and seniors from IIM-Ahmedabad and was facing astatine slightest 3 transgression cases, including ones successful Delhi and Bangalore,” the complainant added.

Vipparthi died of a prolonged illness successful February 2024. The Powai businessman and his person filed a constabulary ailment the aforesaid month, but since an FIR was already registered against Vipparthi successful Delhi, Mumbai EOW wrote to Delhi constabulary requesting them to nine Mumbai victim’s cases successful their case. But, arsenic they refused, aft 7 months, Mumbai EOW registered an FIR against Vipparthi (now dead) and his woman Fawzia.

The complainant has alleged that Fawzia is simply a spouse successful the firm, and she was hand-in-glove with the accused, Vipparthi.

On their complaint, the EOW carried retired a preliminary enquiry and an FIR was registered connected Tuesday against Vipparthi (now deceased) and Fawzia nether sections 420 (cheating) and 34 (common intention) of the Indian Penal Code.

The investigators are present probing arsenic to wherever precisely Vipparthi diverted funds and volition effort to retrieve the same. The EOW is besides apt to interrogate his wife, a constabulary root said.

“We person learnt our acquisition from this. In wealth matters, you should ne'er spot anyone, not adjacent your closest friend,” the 2nd unfortunate said.

When contacted by Fawzia for a remark she refused to speech connected the substance and said, “I person thing to accidental connected this.”