Asian Games gold medallist Sarita Gayakwad has accused a Gujarat-based businessman of allegedly cheating her of ₹69.10 lakh in an investment arrangement linked to a sand trading business. The 32-year-old athlete has approached the police in Dang district, alleging that the businessman failed to pay the promised returns and return her principal investment.
The accused, identified as Nitin Bharti, reportedly operated a sand trading business from Vyara in Tapi district. According to Gayakwad's complaint, the investment arrangement was introduced to her in 2024 through Jitubhai, the sarpanch of Gadhvi gram panchayat in Dang district.
Police registered an FIR against Bharti on October 29. He reportedly remains absconding, and efforts are underway to trace him.
How the Alleged Investment Fraud Began
According to the complaint, Gayakwad met Bharti after being introduced by the local sarpanch in 2024. During their interaction, Bharti allegedly described his sand trading operation as an established business supplying sand to different locations.
He reportedly claimed that his vehicles regularly transported sand to Mumbai and that he had invested between ₹3 crore and ₹4 crore of his own money in the venture.
These claims allegedly formed part of the assurances given to Gayakwad before she agreed to invest. The police complaint states that the arrangement was presented as a business opportunity capable of generating regular returns.
The actual scale of the business and the claims about its operations are expected to be examined as part of the investigation.
Four Per Cent Monthly Return Allegedly Promised
Bharti allegedly offered Gayakwad a monthly return of four per cent on the amount invested. He also reportedly assured her that the entire principal would be repaid after 12 months.
Relying on these assurances, the athlete began transferring money into the arrangement.
However, according to her complaint, the promised monthly returns were not paid. She further alleged that even after the agreed 12-month period had expired, the businessman failed to return her investment.
The total amount claimed in the complaint is ₹69,10,059.
Cheque Photograph Allegedly Shared Through WhatsApp
When Gayakwad began seeking repayment, Bharti allegedly continued assuring her that the outstanding amount would be settled.
At one point, he reportedly sent her a photograph of a cheque worth ₹30 lakh through WhatsApp, claiming that it was being issued towards repayment.
However, Gayakwad alleged that she never received the cheque. She further stated that Bharti eventually stopped responding to her calls and remained unreachable for approximately two months.
After repeated attempts to recover the money reportedly failed, she approached Ahwa police station in Dang district to lodge a formal complaint.
Police Register FIR Under BNS Provisions
Police registered an FIR against Nitin Bharti on October 29 under Sections 316(5) and 318(4) of the Bharatiya Nyaya Sanhita (BNS), relating to criminal breach of trust and cheating.
Inspector K B Sankhla confirmed that the complaint involved approximately ₹69.10 lakh. According to the report, police are attempting to locate Bharti, who has not yet been apprehended.
The investigation is expected to examine the investment arrangement, financial transactions, communications between the parties and the circumstances surrounding the alleged non-payment.
Sarita Gayakwad's Sporting Background
Sarita Gayakwad is known for her contribution to Indian athletics. She was part of the Indian women's 4×400-metre relay team that won gold at the 2018 Asian Games in Jakarta.
The case has drawn attention because of the amount involved and the complainant's sporting achievements. However, the allegations against Bharti remain subject to police investigation, and no final judicial finding has been reported.
Investment arrangements involving private businesses should be supported by verifiable financial records, clear repayment terms and independent checks. Shunyatax's financial investigation and forensic support can help organisations review disputed transactions and assess financial irregularities.