A family in Ludhiana fell victim to a massive fraud, losing Rs 1.40 crore to six individuals who promised high returns on investments. The accused have been booked under various sections of the Indian Penal Code.
Details of the Fraud
According to the police, the complainants, residents of Model Town Extension in Ludhiana, were approached by the accused who convinced them to invest in a business venture. The accused assured them of substantial profits within a short period. Trusting the promises, the family invested a total of Rs 1.40 crore over several months.
However, when the family demanded their money back along with the promised returns, the accused started making excuses and eventually stopped responding to their calls. Realizing they had been cheated, the family filed a complaint with the police.
Police Action
The police registered an FIR against six individuals, including the main accused, under sections 420 (cheating), 406 (criminal breach of trust), and 120-B (criminal conspiracy) of the Indian Penal Code. The investigation is ongoing, and efforts are being made to trace the accused.
Senior police officials have assured the family that strict action will be taken against the culprits. They also urged citizens to be cautious while investing money and to verify the credentials of individuals or companies before parting with their hard-earned savings.
Modus Operandi
The accused allegedly operated a fraudulent investment scheme, luring people with promises of high returns. They targeted families with substantial savings and used persuasive tactics to gain their trust. The family, hoping to secure their financial future, fell into the trap.
This incident highlights the growing menace of investment scams in the region. The police have advised people to report any suspicious investment offers to the authorities immediately.
