His food cart sits in the farmhouse. His Mercedes is now with police

The food cart that once sustained Rajesh Kumar now lies in a corner of his plush farmhouse, while his Mercedes has been seized. The cart once meant a kadhi and cholle chawal rehri that Rajesh operated till 2019 before his and several others’ lives changed.

Rajesh, aka Nana, entered into an investment network for allegedly duping several people across Haryana. Among those who invested across the state also include well-educated professionals, police said, with complaints lodged coming from Yamunanagar, Kaithal, Karnal, Ambala, and Kurukshetra.

The seized Mercedes is in relation to the alleged fraud, which now the police estimates at around Rs 8 crore or above. From inflated digital profits to promises of Dubai flats and plots, the racket allegedly operated through a chain of local fraudsters, with the money trail now being examined by the cybercrime police in Panchkula.

The four accused arrested so far are Rajesh and Udham Singh from Karnal, Sushil Kumar from Yamunanagar, and Sanjeev Kumar of Ladwa in Kurukshetra.

The seized Mercedes is in relation to the alleged fraud, which now the police estimates at around Rs 8 crore or above. (Express photo)

Recoveries include Audi Q3 & Q5, BMW

Besides Rajesh’s Mercedes, an Audi Q5, Audi Q3 and BMW linked to Sanjeev Kumar and other accused have been seized so far by the police. To recover the proceeds of crime, police have moved court seeking permission to auction these vehicles. At least six electronic devices including Apple MacBooks and iPhones and other mobile phones have been seized, which are now being examined by forensic experts for further collection of evidence.

The alleged fraud surfaced when Ashok Kumar, a Panchkula-based government contractor, lodged a formal complaint against Rajesh.

“I initially did not believe Rajesh and his associates, but they organised an official gathering and said the company’s MD and CMD would be coming to the hotel. I also saw Sushil, who introduced me to this fraud racket who initially used to come on a bike, later arriving in an Audi. I started thinking that there must really be profit in this business,” Ashok told The Indian Express.

Story continues below this ad

“I first invested Rs 8,500, and they returned the money to me. Then, in 2021, I took a loan and invested Rs 3.5 lakh. Subsequently, my brothers and other relatives also started investing in the scheme. This way they duped me of 60 lakh.”

Ashok alleged that more than 20-25 people whom he had brought into the network were eventually unable to withdraw their money despite repeated assurances of profits and repayment. “The overall loss suffered by my contacts must be more than around Rs 7-8 crore,” he claimed.

An FIR lodged in July on Ashok’s complaint led to their arrest. Now after two months, the investigation subsequently has widened, with police identifying suspected links to operators based in Dubai who were controlling the entire investment racket.

Investors promised of flats in Dubai

Among the other individuals who got arrested, Sushil, ran a security agency before 2019. He was arrested from the Delhi airport two weeks ago when he was about to board a flight to Thailand. Udham Singh and Sanjeev, arrested earlier, were unemployed and depended on farming done by family.

Story continues below this ad

“Investors were shown growing balances on mobile applications and were allegedly led to believe that their money was multiplying rapidly. Through fake mobile apps, the figures displayed on these platforms were manipulated to sustain the illusion of profits and attract more investors. They would rather give their own example,” Inspector Yudhveer Singh, SHO, Cyber Crime Police Station, Panchkula, told The Indian Express.

In one instance being examined by police, an investment of around Rs 30 lakh was allegedly shown as having grown to Rs 68 lakh in about six months.

Ashok alleged that whenever he sought withdrawal of his money, he was told that it had been further invested in cryptocurrency and other schemes.

According to the police officials, investors were repeatedly told that Dubai flats had been booked for them, while the applications showed inflated returns. The accused subsequently introduced crypto-related schemes and persuaded investors to shift their money from one platform to another on assurances of higher returns.

Story continues below this ad

The police investigation centres on platforms and schemes allegedly operating under names including Bloom Drive, LPNT Cryptocurrency, MSVP (Meta Soil Verse Plan), SOIL VERSE and Mechai FX.

Police officers The Indian Express spoke to said that Rajesh has emerged as a key figure in the investigation. His friend Pramod Kamboj, who frequently visited him, allegedly introduced him to an online portal, Bloom Company.

Rajesh initially invested Rs 7,500 and later around Rs 2 lakh in another platform after Bloom shut down. From there, he took off. He started bringing other people into such money-multiplying schemes, officials said. He attended seminars in Chandigarh, Mohali and elsewhere where people projecting themselves as promoters of such investment schemes explained the investment plans and encouraged investments through meetings and online platforms.

Police claimed that Rajesh allegedly received a massive share for bringing in several investors and was later even elevated to the position of Senior Project Head. “Rajesh claimed that he was gifted a Mercedes C-class and earned Rs. 2 crore in a short span”, a police officer said.

Story continues below this ad

“A luxury farmhouse and other assets linked to him are being examined as part of the proceeds of crime trail,” the officer added.

Several accused in Dubai too

The investigation has also brought the alleged Dubai connection into focus. Police are seeking the arrest of other suspects including Ravinder Bangar, Satish Mokhra, Devinder Bangar, Karamjeet, B S Randhawa and Happy Sheikh whom the police suspect might have fled abroad.

“A Look-Out Circular has been issued against Bangar and Sheikh who are believed to be in Dubai,” Inspector Yudhveer Singh said.

Panchkula Police Commissioner Pankaj Nain has cautioned people against transferring money through online investment, cryptocurrency or stock-trading schemes promising unusually high returns.