Panipat Police arrest key accused in multi-crore investment scam

The Panipat police have arrested a key accused in a major cheating case involving crores of rupees, where individuals were duped under the guise of profitable investment opportunities. The accused, identified as Bijender, is a resident of Machroli village in Panipat district. He was reportedly the head of all the branches in Panipat of the Human Welfare Credit and Thrift Cooperative Society Limited.

A total of eight FIRs have been registered at various police stations across the district against the society concerned for its role in a large-scale investment fraud.

Superintendent of Police Lokender Singh said that several people had submitted complaints alleging that the society had defrauded them by promising high returns on investments. A special investigation team probed the allegations, resulting in the registration of eight cases across Tehsil Camp, Chandnibagh, Samalkha, Israna, Industrial Sector 29, Sadar and Madlauda police stations.

The investigation was handed over to Sub-Inspector Gulshan and his team from the special detective unit, who arrested Bijender on Tuesday and secured a two-day police remand for questioning.

During interrogation, Bijender disclosed that the Chief Managing Director (CMD) of the society, Sameer Agarwal, along with others, had formed a company called ‘Option One’ in 2013. The company attracted people to invest in Fixed Deposits (FDs) and Recurring Deposits (RDs) by luring them with promises of massive returns.

Bijender revealed that he initially joined as an agent in 2013 and facilitated large-scale investments. Owing to his growing involvement, he was later made the district head for Panipat. He further admitted that the company operated without a valid license in Haryana. Although it secured a license in 2016 under the name Human Welfare Credit and Thrift Cooperative Society Limited, it still lacked the necessary approvals to operate in the state.

Despite this, the company continued to function across Haryana and shifted investor funds into the new society. Several branches were opened in locations including Samalkha, Noorwala and Bichpadi Chowk, with Bijender serving as the head.

The accused also confessed that the company’s top officials, including himself, frequently travelled abroad using company funds. SP Lokender Singh added that Rs 7 lakh was found in Bijender’s bank accounts, which has now been frozen.

After the remand period ended, Bijender was presented in court and sent to judicial custody, the SP confirmed.