Kargil War Veteran and Wife Defrauded of Rs 2.5 Crore in Elaborate Gurgaon Investment Scam
A retired Indian Army colonel who served during the Kargil War and his wife have been allegedly cheated of nearly Rs 2.5 crore by a man operating fraudulent investment schemes in Gurgaon. The accused lured the couple with promises of exceptionally high returns, exploiting their trust over several years.
FIR Registered at DLF Police Station
An First Information Report (FIR) has been registered at the DLF police station under Section 420 (cheating) of the Indian Penal Code. The complainant, Colonel Vimal Narang (Retd.), served in the Indian Army for nearly 35 years, including during the Kargil conflict, before retiring in 2021. He and his wife, Monica Narang, settled in DLF Phase 2, Gurgaon, where they were introduced to the accused, Sagar Raj, through a common acquaintance.
How the Fraud Unfolded
According to the FIR, Raj claimed to be a trader in precious metals and foreign exchange, operating a firm called Bulls and Bears Traders Company with an office at DLF Corporate Greens. He regularly visited the couple, gaining their trust by showing screenshots and statements that reflected purported high profits. Raj promised returns of up to three times the invested amount, which enticed the Narangs into making multiple investments over time.
The couple's financial journey with Raj began in June 2021 with an initial investment of Rs 10 lakh. This was followed by further payments, including:
- Rs 50 lakh in July 2022
- Rs 5 lakh in September 2022
- Rs 35 lakh in December 2023
- Rs 10 lakh in February 2024
To build credibility, Raj allegedly made small initial payments to the couple. The largest amount invested was Rs 1.5 crore, which came from the proceeds of Monica Narang's property sale. Raj assured them that this sum would grow to Rs 6.75 crore by August 2024, a promise that later proved false.
Deception and Unauthorized Use of Identity
When the promised returns failed to materialize, the couple realized they had been duped. In a further twist, in April 2023, Raj allegedly induced Colonel Narang to sign an amended partnership deed under the pretext of routine formalities. This made the colonel a partner in the firm without his informed consent.
Raj later used Colonel Narang's name on visiting cards to attract more investors, as stated in the complaint. The colonel disengaged himself from the firm on May 17, 2024, and has since clarified that any documents or representations bearing his name without authorization should be treated as forged, as they were allegedly used to mislead other investors.
Accused's Criminal Background and Current Status
The complainant also alleged that the accused frequently travelled to Dubai and was involved in multiple fraud cases. According to the FIR, Raj was arrested by the Dubai Police and is currently lodged in a prison there, highlighting the transnational nature of his alleged activities.
Ongoing Investigation
Police authorities in Gurgaon are examining financial records, and further investigation is underway. An officer confirmed that the case has been forwarded to the Economic Offences Wing-1 for a detailed probe, underscoring the seriousness of the financial fraud.
This incident serves as a stark reminder of the risks associated with high-return investment promises, especially when targeting vulnerable individuals like retired veterans. The community is urged to exercise caution and verify investment opportunities thoroughly before committing funds.
