The Detection of Crime Branch (DCB) in Ahmedabad registered a case of large-scale financial fraud on Monday, involving alleged misuse of trust and manipulation of investment accounts. The complainant was systematically deceived over several years, resulting in losses exceeding Rs 10 crore.
Complaint Details
According to the complaint, a resident of Gota was persuaded to invest in the stock market through relatives who claimed expertise in trading and financial management. The accused, a couple from Sargasan, allegedly promised fixed returns and profit-sharing arrangements, gaining access to the complainant's bank accounts, demat account, and financial records.
Fraudulent Activities
The complainant stated that from 2021 onwards, substantial amounts were transferred into multiple accounts operated by the accused. Initially, profit statements and WhatsApp updates showed consistent gains, building confidence and leading to further investments. However, these statements were later discovered to be fabricated.
The complainant alleged that funds were diverted into several bank accounts and shell companies, with transactions disguised as legitimate investments. In one instance, forged bank certificates and fake balance sheets were allegedly created to mislead the family about available funds, particularly when documentation was required for overseas education. By 2025, the accused had also incorporated a company under the complainant's name, allegedly using forged signatures to remove directors and assume control. The company accounts were then used to route large transactions, including suspected money laundering activities.
Additional Victims
The complaint further mentions that relatives and associates were also drawn into the scheme, collectively transferring several crores. When repayment was sought in early 2026, the accused allegedly admitted to fabricating profit statements and misusing funds for personal gain.
Investigation Underway
Police officials said the case involves complex financial transactions across multiple banks and companies. The Economic Offence Wing (EOW) of the city crime branch has begun examining bank records, demat accounts, and company filings to trace the movement of funds.
