Ambala: 18 booked for investment fraud

Ambala, July 3

The police have booked 18 persons for allegedly duping several people on the promise of higher returns on their investments.

On the complaints of Rakesh Saini, Sachin Kumar, Vipin Chauhan, and Prince Kaushik, a case under Sections 316 (2) and 318 (4) of the Bharatiya Nyaya Sanhita was registered against Sehdev Singh, Puneet Dhiman, Satish Kashyap, Dharamvir Rana, Chirag Ahuja, Rajinder Kumar, Puneet Ahuja, Tarun Sahi, Raj Kumar Rana, Madan Pal Singh, Harpreet Pal Singh, Sanjeev Rana, Siraj Ahmed, Amandeep Singh, Abishek, Sanjeev Sharma, Paramjeet Singh and Amit at the Mahesh Nagar police station.

Complainants had invested Rs 41 lakh

• The accused belong to Haryana, Punjab, Himachal Pradesh and Chandigarh
• As per information, Rakesh had invested Rs 11 lakh, Sachin Rs 17 lakh, Prince Rs 10 lakh and Vipin Rs 3 lakh in a company allegedly started by Sehdev with his relatives and friends in 2021.

The accused belong to Haryana, Punjab, Himachal Pradesh and Chandigarh.

As per information, Rakesh had invested Rs 11 lakh, Sachin Rs 17 lakh, Prince Rs 10 lakh and Vipin Rs 3 lakh in a company allegedly started by Sehdev with his relatives and friends in 2021.

According to the complainants, the accused used to install projectors in different hotels and give attractive plans to the people to invest their money. They used to promise them to give six per cent “guaranteed” profits or dividends per month and 73 per cent annually.

They said, “The accused received money in cash and created a wallet through a mobile application. They assured the investors that they could withdraw their money whenever they want. With this assurance, the faith of people became stronger and people started investing their money.”

The complainants told the police that the accused used to organise leadership development programmes (LDP) in various hotels, especially in Panchkula, and they used to come with their family members and friends. The accused used to motivate and lure people to invest their money by narrating their success stories, they added.

“The accused grew their network at a fast pace and hundreds of people from Haryana, Punjab, Himachal, Rajasthan, UP and Uttarakhand invested their money. After February, they did not give guaranteed profits or dividend to anyone,” the complainants told the police.