Ahmedabad Investment Agent Accused of ₹10-Crore Fraud by NRI Family, Fresh Case Registered
Ahmedabad: An investment agent from Ahmedabad, who is already facing several fraud-related cases, has been booked once again after a Mumbai-based woman accused him of misappropriating more than ₹10 crore invested by her family in LIC policies and other financial instruments.
The complaint was filed with the Detection of Crime Branch (DCB) by a woman currently living in Bangkok. Originally from Mumbai, she alleged that the accused, a relative who worked as an insurance and mutual fund agent, was entrusted with managing substantial investments made by her family over nearly a decade.
According to the complaint, the woman’s 88-year-old father, a Non-Resident Indian (NRI) residing in Thailand, invested over ₹10 crore through the agent between 2010 and 2019. The family claims they regularly received updates and assurances that the investments were safe and performing as expected.
Concerns emerged earlier this year when the family came across reports of criminal cases allegedly filed against the agent in connection with similar financial frauds. Wanting to verify their investments, family members approached an LIC office in Ahmedabad.
During verification, they were allegedly shocked to discover that several insurance policies had either been surrendered or had loans taken against them. Investigators were also informed that some policy numbers provided by the agent did not match official LIC records.
The complainant further alleged that policies issued in the names of her father and four sisters were transferred without their knowledge. She claimed forged signatures were used to assign policies, secure loans and withdraw funds from investments.
According to the complaint, money obtained from surrendered policies and policy loans was allegedly deposited into a bank account in Ahmedabad. When family members sought details from the bank, they reportedly found discrepancies, including a photograph on the account that allegedly did not match the complainant’s father despite the account being opened in his name.
The family alleges that while the agent returned approximately ₹60 lakh over the years, he failed to account for the remaining funds. They estimate their total financial loss, including investments, policy loans and additional premiums paid to keep certain policies active, at around ₹10.12 crore.
Police have registered a fresh case and are investigating the allegations. The accused has not publicly responded to the latest claims. The case adds to a growing list of complaints against the agent, who is already under scrutiny in multiple fraud investigations.
News source: Information for this article was gathered from a variety of reliable news outlets.
