MBA grad in Ahmedabad alleges ₹7 lakh fraud on promise of doubling money

A 23-year-old MBA graduate has lodged a complaint with the Navrangpura police, alleging that a man she knew from her university days cheated her of ₹7.8 lakh after promising to double her money through investments, police said on Thursday.

As per the First Information Report (FIR), the alleged fraud took place between February 14 and April 19, 2025, at Creative Campus Girls’ PG near Mithakhali Road in Navrangpura and other locations in Ahmedabad.

Maitri Rajgor, a resident of Gandhinagar and currently working as a deputation manager in Navrangpura, stated in her complaint that she was introduced to the accused, Manas alias Piyushbhai Shah (21), while pursuing her MBA at Indus University. Over time, the two became acquainted.

In February 2025, Shah allegedly approached her with an offer to double her money within two months. Trusting his assurances, Rajgor transferred ₹50,000 to his UPI account on February 14. She later received ₹1 lakh in cash, which further reinforced her confidence, the FIR states.

Subsequently, at Shah’s insistence, she transferred larger sums to his bank account, ₹5 lakh on April 3, ₹2 lakh on April 11, and ₹4.5 lakh on April 19, after arranging funds from her parents. In total, the complainant transferred ₹11.5 lakh to the accused through online payments and RTGS transactions.

The FIR notes that Shah returned ₹3.7 lakh to the complainant in instalments but failed to repay the remaining ₹7.8 lakh. Despite repeated follow-ups by the complainant and her family members, Shah allegedly refused to return the outstanding amount and eventually stopped responding.

“He told me clearly that he would not return the money and that I could do whatever I wanted,” the complainant stated in her police complaint.

Navrangpura police have registered a case of cheating and criminal breach of trust and initiated an investigation.

Police said efforts are under way to trace the accused and verify the financial transactions. Further legal action will follow based on the outcome of the investigation.