The Securities and Exchange Commission (SEC) has filed a lawsuit against brothers Saumil Thakkar and Poorvesh Thakkar.

The SEC’s complaint, submitted at the Texas Eastern District Court on February 18, 2026, alleges that between December 2017 and September 2020, brothers Saumil Thakkar and Poorvesh Thakkar fraudulently raised more than $12 million from investors for a real estate focused private investment fund, the PASMAA GP Investment Fund, LLC. The Thakkar Brothers controlled both the Fund’s manager, PASMAA GP Investment Fund Manager, LLC and the Fund’s sponsor, Perfect Group Holdings, LLC (PGH).

The SEC’s complaint further alleges that the Thakkar Brothers, the Manager, and PGH made misrepresentations about key aspects of the Fund’s real estate investments in the Fund’s written offering materials, emails sent to prospective investors, and in verbal investment solicitations.

These misrepresentations concerned, among other things, a large asset claimed to be under contract, property under development that was purportedly pre-leased, and understated project costs, all materially impacting prospective investors’ views of the Fund’s potential for profitability.

The Defendants also misrepresented how much money the Thakkar family invested in the Fund and failed to disclose related-party agreements, rendering certain statements in the Fund’s private placement memorandum misleading.

The SEC accuses the defendants of violation of the antifraud provisions of the federal securities laws as specified below.

The regulator has brought this action against the defendants seeking: (i) permanent injunctive relief; (ii) disgorgement of ill-gotten gains, plus prejudgment interest; and (iii) civil penalties.