Ahmedabad: An Ahmedabad-based investment agent, already facing multiple financial fraud cases, has been booked in a fresh cheating case after a Mumbai woman accused him of misappropriating more than Rs 10 crore invested by her family in LIC policies and other financial instruments.

The complaint was registered with the Detection of Crime Branch (DCB). The complainant, who currently lives in Bangkok and is originally from Mumbai, alleged that the fraud occurred between 2010 and 2019. The accused, a relative of the family, worked as an insurance and mutual fund agent.

According to the complaint, the woman’s 88-year-old father entrusted the agent with investing over Rs 10 crore in LIC schemes. The agent allegedly provided regular updates and assured the family that the investments were secure.

Suspicion arose earlier this year after the family learned about other fraud cases registered against the agent. When they approached an LIC branch in Ahmedabad to verify the investments, they allegedly found that several policies had been surrendered or loans had been taken against them.

The proceeds were reportedly transferred to a UCO Bank account in Bopal. The family further alleged that the account, opened in the father’s name, carried the photograph of another person, raising suspicions of identity fraud. DeshGujarat