Prayagraj Businessman Duped of ₹36.78 Lakh in Investment Scam Promising High Returns
A businessman from Prayagraj’s Civil Lines area has allegedly been cheated out of ₹36.78 lakh after being lured into an investment scheme that promised lucrative profits.
Following a complaint from the victim, police have registered a fraud case against 16 individuals and launched an investigation into the matter.
According to the complainant, the accused presented themselves as owners, directors, and office-bearers of various companies.
Between June and October 2024, they allegedly organised seminars in Prayagraj, encouraging people to invest money by promising attractive returns.
The victim claimed that participants were told they could earn substantial profits through investments and that their principal amount would be secure.
Trusting these assurances, he deposited money through cheques, RTGS transfers, UPI transactions, and cash payments into company accounts and accounts operated by intermediaries. In total, he invested ₹36.78 lakh.
Initially, small profit payments were reportedly credited to his account, reinforcing his confidence in the scheme.
However, when he attempted to withdraw larger amounts, the accused allegedly delayed payments and cited technical issues with the company’s accounts.
Later, communication became irregular, and the promised returns stopped altogether.
Police officials said the complaint suggests a well-planned financial fraud operation. Investigators are examining transaction records, company documents, and digital evidence to determine the extent of the alleged scam and identify all those involved.
Man Allegedly Defrauded of ₹11 Lakh in Land Deal
In a separate incident, a Prayagraj resident has accused two individuals of cheating him of ₹11 lakh under the pretext of selling land.
According to the complaint, the accused allegedly accepted the money after promising to transfer ownership of a plot.
However, despite receiving the payment, they neither completed the sale nor returned the funds.
The victim further alleged that when he demanded his money back, he was threatened with serious consequences.
The complainant said he had paid ₹1 lakh as an advance and later transferred additional amounts, bringing the total payment to ₹11 lakh.
After repeated attempts to recover the money failed, he approached the police and filed a formal complaint.
Authorities have registered a case and begun an inquiry. Investigators are reviewing financial transactions and relevant documents while also examining the complainant’s allegations of intimidation.
Company Operator Accused of ₹35.32 Lakh Fraud
In another alleged fraud case, police have booked the operator of a company accused of cheating a businessman out of ₹35.32 lakh through a land-related investment scheme.
The complainant, a resident of a village in the Meja area, alleged that the accused ran a company and convinced him to invest money in various schemes between 2021 and 2023.
Believing the promises, he transferred a total of ₹35.32 lakh into multiple bank accounts linked to the accused.
The victim claimed he was assured that the investment would either generate significant returns or be adjusted against the purchase of land. However, despite repeated requests, neither the promised land nor the invested amount was returned.
When the complainant pressed for repayment, the accused allegedly continued making excuses and failed to honour the commitment. After exhausting all efforts to recover his money, he approached the police.
Based on the complaint, a criminal case has been registered, and investigators are examining bank records and other evidence.
Officials noted that the accused has reportedly faced allegations of fraud and cybercrime in several states in the past, and those aspects are also being looked into as part of the investigation.
Police said all three cases remain under active inquiry, and further action will be taken based on the evidence collected during the course of the investigation.
