In a major case of corporate fraud, Kamal Agarwal, a prominent promoter of the renowned food and sweets brand Haldiram, has allegedly been cheated of ₹9.38 crore by a family that lured him into investing in their dry fruit company with the promise of a majority stake. The accused, identified as Samir Abdul Hussain Lalani, his wife Heena Lalani, son Alishan Lalani, and associate Prakash Bhosale, are currently absconding, according to Kalamna Police.
The case surfaced amid a major corporate restructuring within the Haldiram Group, which recently witnessed the merger of its Nagpur and Delhi-based companies into a single entity valued at ₹84,000 crore. During this transition, Agarwal — through Haldiram’s subsidiary Om Industries Ltd — invested in Royal Dryfruit Private Limited, a firm owned and operated by the Lalani family.
As per the complaint, the Lalanis promised to transfer 76% shares of their company to Agarwal in exchange for the investment. A revised agreement was also signed to this effect. However, despite repeated assurances, no shares were transferred. By September 2023, Agarwal had invested a total of ₹9.38 crore, but received neither the promised stake nor any returns.
Suspicions grew after prolonged delays and lack of documentation. An internal investigation by Haldiram officials revealed that the accused had forged financial statements, exaggerated turnover figures, and manipulated profit records to misrepresent the company’s valuation and attract investment. These fraudulent documents were used to project Royal Dryfruit Pvt Ltd as a high-value venture.
Following the discovery, Kamal Agarwal filed a formal complaint with the Kalamna Police. Further investigation uncovered that the accused were already under the radar of various government agencies for financial misconduct. Authorities believe that other investors may have also been duped by similar tactics.
Kalamna Police have registered a case under charges of cheating, criminal breach of trust, forgery, and criminal conspiracy, and a search operation is underway to trace the absconding suspects.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com