According to the police, Pulkit Manubhai Ranpura, a financial consultant residing at Tarang Society, near Akota Society, was acquainted with Suresh M Shah and Jayeshchandra Dharamsinh, owners of Bhavika Dresses on R V Desai Road. The accused had told Ranpura that they owned 350 shares of Reliance and Mahanagar Telephone Nigam Limited and wanted to sell them.

So Ranpura called them on June 5, 1998 to buy the shares, the police said, adding that the total face value of the shares on the basis of market rates came to Rs 3 lakh. Ranpura paid them Rs 2.25 lakh, part in cash and remaining through cheques, in advance and promised to pay the remaining amount after the shares were sold.

However, the share certificates turned out to be fake when Ranpura tried to sell them through the stock exchange, the police said. When asked the accused to return his money, they allegedly did not respond.

When all his efforts to recover the money failed, he approached the J P Road police station on Saturday and filed a First Information Report. Investigations are on.