A 41-year-old former engineer residing in Gota, Ahmedabad, has filed a police complaint against his nephew and the nephew's wife, both chartered accountants, alleging a financial fraud exceeding Rs 10 crore. According to the complaint, the accused couple lured the complainant and his relatives into a share market investment scheme, concealed losses, and used forged banking documents.
Background of the case
The complainant, unemployed for the past six months, had entrusted the accused couple with managing his family's accounts and income-tax matters since 2014. The nephew later convinced him to invest in stock market trading, including futures and options (F&O), promising fixed returns of 3% per month or an equal share in profits.
Alleged modus operandi
The complainant alleged that the nephew opened an online demat account in his name but retained complete control over login credentials, claiming he needed access to operate the account. Trusting the arrangement, the complainant transferred funds into several bank accounts linked to his nephew over the years. The nephew regularly shared WhatsApp messages, Excel sheets, and profit statements showing gains while deliberately concealing losses.
The accused couple persuaded the complainant to arrange additional funds by taking a home loan, liquidating mutual fund investments, surrendering insurance policies, and selling family gold. Having access to various family bank accounts, the nephew allegedly transferred money himself and provided fabricated profit statements generated from his laptop and mobile phone to maintain the illusion of successful investments.
Financial details
The complainant alleged that he and his relatives transferred a total of Rs 10.4 crore over the years. However, only Rs 2.4 crore was actually invested in the demat account, while the remaining amount was allegedly diverted elsewhere. The invested amount later reflected losses of Rs 1.3 crore.
Forgery of banking records
The complainant also accused his nephew of fabricating banking records during a visa-related process. The nephew assured the family he would arrange a bank certificate and later provided what was suspected to be a fake balance certificate showing Rs 90.2 lakh and a forged deposit slip reflecting a Rs 50 lakh credit.
Confrontation and threats
When confronted, the nephew allegedly admitted that he had neither invested the entire amount nor possessed the money, and that the representations made earlier were false. The complaint also accuses him of threatening the family with false legal cases.
Police investigation
Police have registered the complaint and are expected to investigate the alleged diversion of funds, authenticity of the financial documents, and the role of both accused in the alleged fraud.
