The Economic Offence Wing (EOW) of the city police arrested a key accused, Mihir Parikh, in a case in which unsuspecting investors were duped of over Rs 100 crore under the guise of insurance and mutual fund investments.

According to police officials, the case was registered at the DCB Police Station following a complaint filed by Sonal Shah, a resident of Navrangpura, Ahmedabad.

She alleged that Parikh had fraudulently siphoned off a staggering Rs 26.40 crore from her mother's bank account by luring her with promises of lucrative investment returns.

Investigations revealed that the accused collected funds from the victims under the pretext of investing in insurance policies and mutual funds. To gain their trust, he provided forged Union Bank passbook entries and fake LIC policy documents. Instead of investing the money, he diverted the funds into accounts of his associates and for personal use. Police sources said at least five complaints of similar cheating have surfaced so far, with the total fraud crossing Rs 100 crore. Authorities believe that more victims may come forward as the investigation progresses.

Parikh, a resident of South Bopal, was already lodged in Ahmedabad Central Jail in connection with another case registered at Satellite Police Station. He was formally arrested in this particular case lodged by Shah following a jail warrant issued by the competent court. DCP Himkar Singh said he will later be arrested in other FIRs lodged against him. The Crime Branch is now expanding its probe to trace the money trail, identify accomplices, and uncover the full extent of the scam. Officials have urged potential victims to come forward and report any such fraudulent investment schemes.