Ahmedabad Police File Two Cheating Cases in Rs 42 Lakh Share Market Fraud
The Sarkhej police in Ahmedabad have officially registered two distinct cheating complaints against a man from Shela, who stands accused of orchestrating a fraudulent share market investment scheme. The suspect allegedly enticed investors with promises of high monthly returns, resulting in a total financial loss of approximately Rs 42 lakh for the victims.
Details of the First Complaint from Paldi
According to police reports, the first complaint was lodged by a 46-year-old woman residing in Paldi, who is employed at a private company. The incident traces back to November 2021, when her husband received a call from an individual claiming to represent a wealth management firm. This caller offered attractive share market investment policies with the lure of high returns.
The woman and her husband subsequently visited the firm's office located on SG Highway, where they met the accused. He introduced himself as the owner and presented a scheme that promised a substantial 10 percent monthly return on investment. Convinced by this offer, the woman invested Rs 10 lakh in the name of her 11-year-old son, with herself acting as the guardian.
The investment was formalized through two cheques issued in November 2021, followed by the signing of a notarized memorandum of understanding in December 2021. Initially, the accused made payments to build trust, with the complainant receiving four installments totaling Rs 2.69 lakh over the first few months. However, these payments abruptly ceased thereafter.
When the family attempted to inquire about the promised returns or the repayment of the principal amount, the accused allegedly employed delaying tactics. In February 2023, he requested the return of the original MoU, assuring that the principal would be repaid within 30 days. The complainant alleges that after retrieving the document, he neither returned the money nor remained accessible at his office or residence.
Second Complaint from Satellite Resident
The second complaint involves a 76-year-old woman from Satellite, who accused the same man of promising a 3 percent monthly return through a similar share market scheme. She invested Rs 8.5 lakh in 2022, and while she received returns for a period of 10 months, the principal amount was never repaid.
Investigators have revealed that this woman later discovered that several other investors had been allegedly duped in an identical manner. The total amount involved across her case and those of other victims sums up to Rs 42 lakh, highlighting the scale of the alleged fraud.
Broader Impact and Police Investigation
Police authorities have indicated that beyond these two formal complaints, four additional individuals were similarly cheated by the accused. The investigation is ongoing, with efforts focused on tracking down the suspect and gathering further evidence to support the claims of financial misconduct.
This case underscores the risks associated with investment schemes that promise unusually high returns, urging the public to exercise caution and conduct thorough due diligence before committing funds. The Sarkhej police are actively working to bring the perpetrator to justice and recover the defrauded amounts for the affected investors.
