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Multi-Million Dollar Securities Fraud Suit Filed Against Saumil…

Court records allege that many of the defendants, including Saumil Thakkar and Poorvesh Thakkar, have violated multiple provisions of the Texas Securities Act.

Attorneys at Bajaria & Forgerson Law Group, on behalf of their client, have filed a lawsuit against Saumil Thakkar, Poorvesh Thakkar, Mahesh Thakkar, Vaishali Thakkar, Thakkar Development Group LLC (Thakkar Developers), Perfect Business Services, Inc. (Perfect Tax & Finance), PASMAA GP Investment Fund LLC, PASMAA GP Investment Group Fund Manager LLC and other relevant parties.

Court records allege that in late 2017 some defendants, including Saumil Thakkar and Poorvesh Thakkar, approached plaintiff’s representatives about investing in a real estate investment fund that they were developing. Specifically, they were told that the fund would raise around $20 million dollars by October 2018 and would invest in certain real estate projects in North Texas. The petition further alleges that the defendants made multiple misrepresentations related to the investment fund and breached its agreement with the plaintiff by accepting new members past the deadline therefore diluting plaintiff’s share. Court records also allege that investors have not received any returns from the investment and that unregistered securities were issued.

Court records further allege that many of the defendants, including Saumil Thakkar and Poorvesh Thakkar, have violated multiple provisions of the Texas Securities Act, misrepresented the nature and composition of the investments, fraudulently induced plaintiff into investing $2.5 million dollars, used the real estate fund to pay Thakkar Developers millions in excessive fees, and used the real estate fund to purchase land from entities affiliated with the Thakkar Family at inflated prices. The petition also alleges that Perfect Tax solicited investment from the firm’s client base. A copy of the lawsuit can be found by visiting the Dallas County Court Online Records website database and entering the cause number: DC-20-15967.

Favad Bajaria is lead counsel in the case for the plaintiff and serves as Bajaria & Forgerson Law Group’s Managing Partner. Bajaria & Forgerson Law Group is a boutique business law firm focused on banking, title insurance, real estate, and sophisticated business and securities litigation. The firm represents banks, investors, developers, and real estate funds in transactions and title insurance matters. The firm also has extensive experience representing plaintiffs and defendants in state and federal courts throughout Texas in all types of commercial and business matters.

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