In a case of corporate deceit, the directors of Turnrest Resources Pvt Ltd, Jay Chotaliya, Mitesh Sanghvi, and Manish Dangi, have been accused of forging documents to secure a Rs 64 crore loan from Kalupur Commercial Co-Op. Bank. The accused allegedly named an unsuspecting investor, Keshu Bodar from Rajkot, as the guarantor without his consent.
The fraud took place during 2022–2023 when the directors convinced Bodar to invest in their coal business by promising high returns. They persuaded him to buy shares and pledge property as collateral, during which Bodar provided his identification documents and IT returns.
Unbeknownst to him, the directors forged Bodar’s signatures on a Deed of Guarantee and other loan-related documents, which were then submitted to the bank in March 2024 to secure the loan. The loan was never repaid, leaving Bodar liable as the guarantor.
The Economic Offenses Wing (EOW) of the Ahmedabad Crime Branch registered a case under multiple sections of the Bharatiya Nyay Sanhita and formed three teams to track the accused. Jay Chotaliya was arrested on Tuesday and is in custody, while Mitesh Sanghvi has been detained, and the process for his remand is ongoing.
