Ahmedabad: A family promised high returns has allegedly lost Rs 46.2 lakh to a man who enrolled them for a monthly savings scheme. A 45-year-old fabrication worker filed a complaint with Detection of Crime Branch (DCB) police on Saturday. The accused ran the scheme in Bapunagar. His wife, son and brother-in-law allegedly assisted him in collecting money from investors, the complainant alleged.
The accused had promised monthly returns of 1% per month, or 12% annually, and assured investors that their money would be returned with interest at short notice. Initially, the complainant, his wife and their son became members and deposited Rs 900 every month. In May 2025, the complainant allegedly gave the accused Rs 10 lakh from property sale proceeds. He then invested another Rs 9 lakh, for which he was issued promissory notes. The complainant’s wife sold her jewellery and handed over another Rs 15 lakh to the accused. The accused had allegedly also collected Rs 12 lakh from the complainant’s mother-in-law and Rs 18,000 in instalments from 10 members of the savings group. With the amount cheated including Rs 5,400 in the complainant’s monthly contributions, the total alleged loss stands at Rs 46.23 lakh.
The complainant was introduced to the accused around five years ago through his mother-in-law. You Can Also Check: Gold Rate in Ahmedabad | Silver Rate in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Ahmedabad AQI | Weather in Ahmedabad | Petrol Price in Ahmedabad | Diesel Price in Ahmedabad | CNG Price in Ahmedabad | LPG Price in Ahmedabad Stay updated with the latest Ahmedabad news. He also claimed that members could avail themselves of loans. In April this year, they wanted the money back for their daughter’s brain surgery. The accused allegedly sought time and issued three cheques saying that these be deposited when the surgery is scheduled. The cheques bounced, the complaint states. The accused started avoiding the complainant and would never be available at home. The DCB police registered a complaint against the four accused. Download the TOI App.