Singer, his family lose Rs 20L in investment fraud

Time of India

2 days ago

Ahmedabad: A singer and his family, from the Lambha area of the city, became victims of an investment fraud and lost Rs 20 lakh. A complaint in this matter was filed with the Detection of Crime Branch (DCB) on Tuesday.
According to the complaint, the singer met the accused, a resident of Gandhinagar, in May 2022 during an event at a hotel in Ahmedabad. The accused introduced himself as the operator of a firm dealing in stock market investments and promised good returns every 21 days over a year.
Trusting the accused, the singer's father gave Rs 5 lakh to the accused for investment. Later, the singer also gave Rs 5 lakh in the form of a cheque, followed by another Rs 5 lakh in cash.
The accused provided a notarised affidavit mentioning investment terms to build trust. For security, the accused gave a cheque to the singer's father, which bounced as the account was blocked.
The accused allegedly returned small amounts initially but stopped further payments. When asked for the remaining amount, the accused refused to pay. Meanwhile, the singer's relative invested Rs 5 lakh in the same scheme. Despite several follow-ups, he did not get his money back.
DCB police lodged an FIR of cheating and criminal breach of trust under relevant sections of the BNS and began an investigation.