Financial Fraud by Creditbulls Investments, Jamnagar, Gujarat, India
Creditbulls Investments assured quadruple returns from fixed deposits with a single investment. They used to provide up to a 2.00% interest rate on the monthly income plan (24% per annum).
The founder and CEO of Creditbulls Investments is Mr. Dhaval Solani, supported by Mr. Pankaj Vadgama (Regional Head), Ms. Dhara Bharadiya (Regional Sales Head), and other staff members.
Creditbulls Investments was featured in Forbes India on June 5, 2020, and featured in Fortune India on November 11, 2021. Creditbulls Investments also received the 'Bharat Ke Ratna' award from the honorable Union Cabinet Minister of India, Mrs. Smriti Irani.
Creditbulls Investments has been trusted by more than 5000 investors who have invested their hard-earned money with the expectation of higher fixed returns. Among them, many are senior citizens who have invested their retirement funds to get regular monthly returns in their old age.
Until January 2024, investors received regular Return on Investment (ROI) payouts on the 1st of every month, which contributed to their satisfaction and trust in the institution.
However, now a grave financial fraud has been uncovered, perpetrated by Creditbulls Investments.
* On February 21, 2024, Creditbulls Investments notified its investors about the cessation of returns on investment (ROI), citing the imposition of a notice from SBI and an ongoing investigation by SEBI.
* All the investors were shocked by the sudden cessation of ROI. There was also uncertainty about the refund of their capital amount.
* Additionally, the company closed its offices in Jamnagar and Rajkot and shut down its website https://creditbullsindia.com/ .
* However, an archive of the Creditbulls website can be accessed at https://web.archive.org/web/20231130150732/https://creditbullsindia.com/ .
* Investors tried to contact Creditbulls Investments through phone, email, and WhatsApp, etc. However, communication from their end has been sporadic and vague, leaving investors in a state of uncertainty. Investors are now struggling to get their funds back.
* Creditbulls Investments has also ceased the post-dated cheque (PDC) payments.
* Initially, they told investors to wait until March 15, 2024, to settle the investigations by SEBI. Later, they mentioned developing an investor refund portal which they claimed would be ready by the end of March 2024. However, all these statements from Creditbulls Investments seem to be intended to buy time by fooling the investors.
* Their statements through email and phone were full of lies. Now, Creditbulls Investments has stopped interacting with investors by all means. They are not picking up the phones and also not replying to the emails of investors.
* Many of the staff members have also removed their social media profiles, which clearly indicates their evasion.
* The current whereabouts of their CEO, Dhaval Solani, remain unknown. He is suspected to be in Dubai enjoying the hard-earned money of investors.
The total investment by the investors is expected to be 200 to 300 crore rupees. Here is the list of their lies:
* The investors' funds were never invested in stocks as promised by Creditbulls Investments. Rather funds were transferred to shell companies abroad.
* They seem to be running a Ponzi scheme.
* SEBI did not issue any orders/directions against Creditbulls. Based on complaints received, SEBI had only sought certain information regarding the activities carried out by Creditbulls Investments.
* There are no ongoing investigations by SEBI concerning Creditbulls Investments.
* It was told by Creditbulls Investments that they have initiated repayment to a select few investors. But there is no evidence supporting this.
* There is no update about the development of a dedicated portal for tracking repayment progress. Investors are wondering if it was merely attempts to buy time.
Creditbulls Investments never indicated a specific timeframe and detailed procedure for the refund of investor funds.
Investors are now grappling with the aftermath of this unprecedented crisis. It is imperative to remain vigilant and explore all available avenues to safeguard investments and seek redressal for any potential wrongdoing.
The magnitude of this scam is staggering, estimated to be around 200 to 300 crore rupees. If the funds are indeed siphoned off to shell companies abroad, the path to justice will be riddled with complexities.
Recently, a FIR (number 11202009240628) has been filed against Mr. Dhaval Solani (CEO) and his partners on 28.3.2024 at Jamnagar B division Police Station, Gujarat, India.
HEAD OFFICE
Creditbulls Investments
412 - NEO Atlantic, Pandit Nehru Marg,
Near Amber Cinema, Jamnagar,
Gujarat – India - 361008.
RAJKOT OFFICE
Creditbulls Investments
501-RK Prime,
Next to Silver Heights Nana Mava Circle,
150 ft Ring Road,
Rajkot, Gujarat – India 360005
Registration Number: GUJRJ202406
For the latest updates regarding Creditbulls Investments, you may visit the following link: https://twitter.com/SolaniInvestor
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