A staggering multi-crore investment fraud has come to light in Ahmedabad, with several First Information Reports (FIRs) registered against a resident of Ambli and his accomplices for allegedly defrauding investors through fictitious stock market and gold investment schemes.
Modus Operandi of the Fraud
According to police, the accused operated from an office located on SG Highway, luring victims with promises of returns exceeding 2% per month. He is alleged to have used a mobile application and fabricated reports to display fake profits, creating an illusion of successful investments.
Victims' Complaints
One complaint filed by a senior citizen stated that he invested Rs 10 lakh in August 2025 after being assured guaranteed returns. While approximately Rs 3.4 lakh was returned initially, the remaining amount was allegedly siphoned off. The complainant later discovered that no actual investment had been made.
Another investor accused the man of collecting Rs 33.6 lakh under a gold investment scheme, of which only about Rs 8 lakh was returned through partial payments and goods. A businessman alleged that he and his firms invested over Rs 23.6 crore between 2023 and 2025. He received around Rs 5.4 crore, but more than Rs 18 crore remains unpaid. In a separate case, another investor claimed to have invested Rs 9.6 crore and received only Rs 2.3 crore back.
Investigation and Legal Action
Police sources revealed that the accused, along with his wife, a relative, and an associate, allegedly diverted investors' funds for personal use. The role of other individuals, including financial advisers and staff members, is being investigated. Cases have been registered under sections related to cheating, criminal breach of trust, and forgery.
The authorities are now probing the extent of the fraud and are urging other potential victims to come forward. The accused remains in custody as the investigation continues.
