Ahmedabad: The Detection of Crime Branch (DCB) police on Tuesday registered another cheating complaint against a finance operator with the Economic Offences Wing (EOW), initiating a detailed investigation. This is the fifth complaint lodged against the accused with the EOW, raising concerns over a pattern of alleged financial fraud.According to the complaint, a 40-year-old businessman from New Ranip, who runs a documentary production company from an office in Memnagar, alleged that he was duped of Rs 20 lakh on the pretext of investment in the stock market. The complainant stated that he had known the accused for nearly five years through a business associate and had also availed of medical insurance services from him in the past.Police said the accused, who operated a finance services firm, approached the complainant in mid-2025, offering attractive investment returns. The accused claimed the funds would be invested through a reputed stock brokerage firm. Trusting the proposal, the complainant transferred Rs 15 lakh through banking channels in Aug 2025 and handed over Rs 5 lakh in cash.Investigators said the accused returned Rs 5.4 lakh in parts between Nov 2025 and Feb, but failed to repay the remaining Rs 14.6 lakh despite repeated assurances. When the complainant sought details of the investment and its returns, the accused allegedly failed to provide clear information.Subsequent verification revealed that no significant investment was made in the claimed brokerage account, officials said, indicating possible misappropriation of funds.EOW is investigating the financial transactions to determine whether more victims were targeted. Authorities are also examining links between the multiple complaints filed against the accused.
