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ROCHESTER, N.Y., June 25 (UPI) -- Federal authorities are investigating the president of a New York oil and gas development business on possible fraud charges, court papers show.
Court documents show investors have complained payments from Zaveri Oil & Gas Ltd. arrived for a few months, then suddenly stopped, The Rochester, N.Y., Democrat and Chronicle reported Thursday.
"The checks would come once a month and investors stated that receiving the checks enticed them to either invest in other partnerships or refer their friends and family to Zaveri," a Federal Bureau of Investigation affidavit says.
"Thirteen investors have been interviewed to date, who have identified other investors, believed to be victims of Zaveri's scheme to defraud," an FBI affidavit submitted for a search warrant says.
Authorities believe the company has raised more than $16 million in various partnerships for gas and oil drilling.
No charges have been filed, but court records show company President Ashvin Zaveri's home was searched May 20. Authorities seized financial documents and computers, the newspaper reported.
"It doesn't mean there's innocence or guilt," said FBI special Agent Earl Gould.
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