Ahmedabad Senior Citizen Loses Rs 16.51 Lakh in Property Investment Scam
In a distressing incident from Ahmedabad, a 72-year-old retired resident of Naranpura has reportedly been cheated out of Rs 16.51 lakh after falling victim to a fraudulent property investment scheme. The scam, which promised lucrative monthly returns, has left the elderly man in financial turmoil, with local authorities now actively investigating the case.
Details of the Alleged Fraud
According to a formal complaint filed with the Naranpura police, the victim was introduced to the investment opportunity in 2023 by a relative. The relative described a property investment firm that guaranteed a 6% return on investment, with assurances that the principal amount would be refunded within 30 days upon request. Trusting these claims, the complainant engaged with the firm's owner, who visited his residence and promised to execute a formal agreement.
Financial Transactions and Broken Promises
The victim proceeded to issue a cheque of Rs 11 lakh from his bank account and made an additional cash payment of Rs 5.51 lakh, bringing the total investment to Rs 16.51 lakh. However, despite repeated requests, no formal agreement was ever signed. Initially, the complainant received returns for four to five months, but these payments abruptly ceased. When he demanded the return of his money, the accused allegedly stopped all communication.
Investigation and Police Action
In a desperate attempt to recover his funds, the complainant and his wife visited the accused's residence and office, only to discover that both premises had been vacated. Further inquiries revealed that several other individuals may have been cheated in a similar manner, indicating a potential pattern of fraud. Based on the complaint, the Naranpura police have registered a case under charges of cheating and breach of trust.
Ongoing Efforts to Trace the Accused
Police officials have stated that efforts are underway to trace the accused and verify the financial transactions linked to the case. This incident highlights the risks associated with unverified investment schemes, particularly targeting vulnerable groups like senior citizens. Authorities urge the public to exercise caution and conduct thorough due diligence before committing to any financial investments.
