Investors duped of Rs 3 cr on pretext of investment

At least 75 residents of Ludhiana have alleged that they were duped of nearly Rs 3 crore by Shasa Medictech Private Limited, a Mohali-based firm, on the pretext of offering fixed returns on investments in a Data Centre project.

Acting on their complaints, the Ludhiana police have registered a case against five directors of the company — Ramesh Paul of New Kartar Nagar, Khanna; Anil Pandey and his wife Shivani Pandey of Rajpura; Sunil Kumar Badal of Rajpura; and Sourav Yadav.

Complainant Rajinder Kumar Sharma and others stated that the accused had approached them in late 2022 with an investment proposal for establishing Data Centres at Rajpura-Chandigarh Road and Ghaziabad (UP). They allegedly collected huge sums — between Rs 100 and Rs 150 crore — from investors nationwide, promising fixed monthly returns for 10 years through written agreements. For around two years, investors received regular payouts, but payments later stopped.

The complainants added that several victims had slipped into financial distress and a few reportedly died under stress following the loss. They have demanded that police seize the accused’s assets, bank accounts, and passports to prevent further misuse and ensure recovery of investors’ funds.