Ahmedabad: A multi-crore investment fraud has surfaced in the city, with multiple FIRs lodged against an Ambli resident and his associates for allegedly cheating investors through bogus stock market and gold investment schemes.Police said the man, who operated from an office on SG Highway, lured victims with promises of returns exceeding 2% per month. He allegedly used a mobile app and fabricated reports to show fake profits. According to one complaint, a senior citizen alleged investing Rs 10 lakh in Aug 2025 after being assured guaranteed returns. While around Rs 3.4 lakh was returned initially, the remaining was allegedly siphoned off. The complainant later found that no investment was made. Another investor accused the man of collecting Rs 33.6 lakh in 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 over Rs 18 crore remains unpaid. In a separate case, another investor claimed to have invested Rs 9.6 crore and got back only Rs 2.3 crore. Police sources said the man, his wife, a relative and associate allegedly diverted investors’ funds for personal use. The role of others including financial advisers and staff members, are being probed. Cases of cheating, criminal breach of trust and forgery have been registered.
