Ahmedabad: A construction businessman and his family members lost Rs 1.1 crore after a man who claimed to be a property dealer allegedly lured them into investing in property deals by promising attractive returns.According to the complaint registered with Shahpur police on Wednesday, the dealer was introduced to the businessman and his family through a common friend. In Jan 2025, the dealer allegedly told the family that he needed substantial capital to expand his business. He allegedly promised to return the investment along with good profit.Trusting his assurances, the businessman, his father and their friend allegedly invested money between Jan and Dec last year. The family paid Rs 60 lakh in cash, while another Rs 55 lakh was transferred through cheques and RTGS transactions. Despite repeated assurances that the principal amount would be returned along with profits, no money was returned to them. The dealer kept delaying repayment before executing an affidavit acknowledging that he had received the money for property transactions and investment in land deals, the complaint states. He also signed an agreement, which was video-recorded, promising to repay the amount within two months. Yet, no money was returned.The complaint states that the dealer lured them by making false promises of high returns and failed to honour the repayment agreement. Police are investigating the flow and use of the invested funds.
