New Delhi: The journey from a kadhi-chawal food cart to a Mercedes and a luxury farmhouse now features in the Panchkula police investigation into an alleged Rs 8-crore investment fraud network operating across Haryana.
He said he was introduced to the investment network through Sushil Kumar. His friend Pramod Kamboj allegedly introduced him to an online platform called Bloom Company. The cart is now lying in his farmhouse. His Mercedes C-Class has been seized by the police, and investigators are tracing assets and money allegedly generated through the investment network. The police have also seized Audi and BMW allegedly belonging to other accused in the case. The police say people from Yamunanagar, Kaithal, Karnal, Ambala and Kurukshetra invested in the alleged racket. Some of them were well-educated professionals. Rajesh is among four people arrested in the case. The others are Udham Singh of Karnal, Sushil Kumar of Yamunanagar and Sanjeev Kumar of Ladwa in Kurukshetra. The case began after Ashok Kumar, a Panchkula-based government contractor, approached the police. That early return convinced him that the scheme was genuine. His brothers and other relatives later joined the scheme. The police registered an FIR in July following his complaint. The investigation has since spread to several districts and is examining the suspected involvement of operators based in Dubai. Investigators say the alleged network used mobile applications to show investors that their money was multiplying fast. The displayed balances were allegedly manipulated through fake platforms. He added that the accused would often use their own examples to convince people to invest. The police are examining platforms and schemes that operated under names such as Bloom Drive, LPNT Cryptocurrency, MSVP, SOIL VERSE and Mechai FX. The police say Rajesh first entered the world of such schemes as an investor. The police say he then began bringing other people into similar schemes. He attended seminars in Chandigarh, Mohali and other places where promoters presented investment plans to prospective investors through meetings and online platforms. The police allege that Rajesh received a large share for bringing in investors and eventually became a senior project head. The Mercedes is part of a larger asset recovery exercise. The police have also seized an Audi Q5, Audi Q3 and a BMW belonging to Sanjeev Kumar and other accused. Investigators have approached the court for permission to auction the vehicles as part of efforts to recover the alleged proceeds of the crime. The police have also seized at least six electronic devices, including Apple MacBooks, iPhones and other mobile phones. Forensic teams are examining the devices for evidence about the transactions and communication between the accused. The alleged network also has a Dubai angle. The police are looking for Ravinder Bangar, Satish Mokhra, Devinder Bangar, Karamjeet, B S Randhawa and Happy Sheikh. Investigators suspect some of them may have left India. Panchkula Police Commissioner Pankaj Nain has advised people to verify online investment, cryptocurrency and stock-trading offers before transferring money, particularly when platforms promise unusually high returns.
One Rajesh Kumar aka Nana used to run a kadhi and cholle chawal rehri until 2019. The suspected losses have been estimated at around Rs 8 crore or more. He initially invested Rs 8,500 and received the money back. In 2021, he took a loan and invested Rs 3.5 lakh. He told The Indian Express that he eventually lost Rs 60 lakh. He also said more than 20 to 25 people whom he had brought into the network could not withdraw their money. He initially put in Rs 7,500 and later invested around Rs 2 lakh in another platform after Bloom shut down. An officer quoted by The Indian Express said Rajesh claimed he had been gifted a Mercedes C-Class and had earned Rs 2 crore in a short period. Sushil Kumar, who had run a security agency before 2019, was arrested at Delhi airport about two weeks ago when he was preparing to fly to Thailand.
“The overall loss suffered by my contacts must be more than around Rs 7-8 crore,” he told the English daily. Inspector Yudhveer Singh, SHO of the Cyber Crime Police Station in Panchkula, told the publication that investors were shown rising balances on mobile applications and made to believe that their money was rapidly growing. He said fake apps were used to manipulate the amounts shown on screen and create the impression of profits, which helped the accused attract more investors. The officer said that police were examining Rajesh’s luxury farmhouse and other assets as part of the proceeds of crime investigation. Udham Singh and Sanjeev Kumar were unemployed and depended on family farming, according to the investigation. Inspector Yudhveer Singh said that a look-out circular had been issued against Bangar and Sheikh, who are believed to be in Dubai.
The network then introduced more investment options and encouraged people to move money from one platform to another with promises of higher returns. In one case being examined by investigators, an investment of about Rs 30 lakh was allegedly shown as having increased to Rs 68 lakh within six months.
Ashok said he was later told that his money had been moved into cryptocurrency and other schemes whenever he asked to withdraw it. Investors were also allegedly told that flats had been booked for them in Dubai.
