A resident of Kapurthala has lodged a complaint with the local police, alleging that he was defrauded of Rs 9.3 lakh by operators of a finance scheme. The complainant, identified as Gurpreet Singh, a resident of Mohalla Shakti Nagar, stated that the accused, who run a finance company, promised him high returns on his investment. However, after collecting the money, they failed to return it.
Details of the Complaint
According to the FIR, Gurpreet Singh invested Rs 9.3 lakh in the scheme between January and March 2023. The accused, who operate under the name 'Shri Ram Finance Company,' assured him of monthly returns. However, after a few months, they stopped paying the returns and later shut down their office. When the complainant demanded his money back, the accused threatened him with dire consequences.
Police Action
Based on the complaint, the Kapurthala police have registered a case under sections 406 (criminal breach of trust), 420 (cheating), and 120-B (criminal conspiracy) of the Indian Penal Code. The police have launched an investigation and are trying to trace the accused. The accused have been identified as Rajesh Kumar and his associates, who are believed to be absconding.
Modus Operandi
The accused allegedly lured investors by promising high returns and using fake documents to gain their trust. Many other investors are also believed to have been duped by the same scheme. The police have urged other victims to come forward and file complaints.
Investor Caution
Financial experts advise investors to be cautious of schemes that promise unusually high returns. They recommend verifying the credentials of the company and checking with regulatory authorities before investing. The case highlights the need for greater awareness about investment scams.
