Chandigarh: Ex-Army officer held for duping veterans of Rs 6 cr

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Chandigarh, May 28

A retired Army Major, who also served as a DSP in Uttar Pradesh (UP) Police but was later dismissed, has been arrested by the city unit of the Economic Offences Wing for duping around 20 veterans of Rs 6 crore. A case against accused Amarjit Singh Shahi, proprietor of M/s Money Matters Financial Advisers, having its office in Phase-IX, Mohali, was registered at the Sector 49 police station in December last year.

Col Soninder Singh (retd) and three other Army officers had complained against Shahi and his aide Laxmi Narayan Shukla, proprietor of M/s PS Money Multipliers, Kanpur, for cheating them on the pretext of investment.

They alleged that Shahi lured his Army batchmates into investing in the Kanpur-based firm promising them high returns. The police said the accused, to gain the trust of the complainants, executed respective tripartite loan agreements with them.

The accused also showed fabricated statements showing around Rs 62 crore in a demat account, which later turned out to be fake, the police added. The complainants had invested about Rs 5.86 crore with the accused, but they never got back the money. Shahi, a resident of Sector 49, was arrested today.

Shahi, who had to leave the Army due to fitness issues, later joined the UP Police as a DSP. He was dismissed from the service after he was booked and awarded 10-year jail sentence by a Kanpur court for raping a minor girl in 2014.