Ahmedabad agent accused of Rs 10cr LIC fraud by Mumbai woman

Ahmedabad: An Ahmedabad-based investment agent facing multiple allegations of financial fraud has been booked in yet another cheating case, this time following a complaint filed by a Mumbai woman who alleged that he siphoned off over Rs 10 crore invested by her family in LIC policies and other investment instruments.

The complaint was registered with the Detection of Crime Branch (DCB) after the woman, originally from Mumbai’s Marine Drive area and currently residing in Bangkok, accused the agent of cheating her family over investments made between 2010 and 2019. The accused is already facing multiple FIRs in connection with similar cheating cases.

According to the complaint, the woman’s 88-year-old father, an NRI based in Thailand, entrusted the agent, a relative who worked as an insurance and mutual fund agent, with investing more than Rs 10 crore in LIC schemes. The family alleged that the agent regularly shared updates on the investments and assured them that the funds were secure.

Suspicion arose earlier this year after the family came across reports about criminal cases reportedly registered against the agent in connection with investment-related frauds. The complainant said her father earlier received policy documents from the agent during a visit to Bangkok in April 2025, which appeared genuine.

To verify the investments, family members approached an LIC branch in Ahmedabad. During the verification process, they allegedly discovered that several policies had either been surrendered or loans had been taken against them. Investigators were informed that some policy numbers mentioned in documents provided by the accused did not match official LIC records.

The woman further alleged that policies issued in the names of her father and her four sisters were assigned without their knowledge or consent. She claimed that forged signatures were used to transfer policies, obtain loans and surrender investments.

The complainant stated that proceeds from surrendered policies and loans were allegedly credited to a UCO Bank account in Bopal. When family members approached the bank for verification, they reportedly learned that the account carried a photograph different from that of the complainant’s father despite being opened in his name.

According to the complaint, the agent returned around Rs 60 lakh over the years but failed to account for the remaining investment amount. The complainant has estimated the total loss, including investments, policy loans and premiums later paid to keep policies active, at Rs 10.12 crore.