Abstract：Panchkula Police have described Rajesh Kumar, a man also known as "Nana", as a key local recruiter in an alleged investment and cryptocurrency fraud spanning Haryana and estimated at Rs 8 crore or more. Four men have been arrested so far, luxury vehicles have been seized, and investigators suspect some alleged operators are based in Dubai, according to a News18 report that attributes its police account to The Indian Express.
wikifx-92099227.jpg" title="wikifx-92099227.jpg">
Panchkula Police have described Rajesh Kumar, a man also known as “Nana”, as a key local recruiter in an alleged investment and cryptocurrency fraud spanning Haryana and estimated at Rs 8 crore or more. Four men have been arrested so far, luxury vehicles have been seized, and investigators suspect some alleged operators are based in Dubai, according to a News18 report that attributes its police account to The Indian Express.
ContentsFrom a Food Cart to a 'Senior Project Head'
Rajesh Kumar reportedly ran a kadhi-and-chole-chawal cart until 2019. Police officers told The Indian Express that his friend Pramod Kamboj later introduced him to an online portal called Bloom Company. Rajesh initially invested Rs 7,500 and later around Rs 2 lakh in another platform after Bloom shut down, and he then allegedly began bringing other people into similar money-multiplying schemes.
Police said he attended seminars in Chandigarh, Mohali and elsewhere where people presented themselves as promoters of investment schemes and encouraged people to invest through meetings and online platforms. Rajesh allegedly rose to the position of “Senior Project Head”. A police officer told The Indian Express that he claimed to have received a Mercedes C-Class as a gift and earned Rs 2 crore in a short period. Police have seized the Mercedes linked to Rajesh, and his farmhouse and other assets are also being examined as potential proceeds of crime.
How Investigators Say the Scheme Worked
Inspector Yudhveer Singh, the station house officer of the Cyber Crime Police Station in Panchkula, told The Indian Express that fake mobile applications were used to create the impression that investments were rapidly increasing. “Investors were shown growing balances on mobile applications and were allegedly led to believe that their money was multiplying rapidly,” he said.
In one case being examined, an investment of around Rs 30 lakh allegedly appeared to increase to Rs 68 lakh in about six months. The network allegedly paid back some small initial investments to build trust, used luxury cars and lifestyle claims to attract more people, and encouraged investors to bring relatives and friends. When investors sought withdrawals, they were allegedly moved to other crypto or investment schemes with promises of higher returns. Police also said investors were repeatedly told that flats had been booked for them in Dubai.
The schemes under investigation include Bloom Drive, LPNT Cryptocurrency, MSVP or Meta Soil Verse Plan, SOIL VERSE and Mechai FX. For readers new to this area, a cryptocurrency is a digital asset that exists only online, and a Ponzi-style scheme is one that pays early participants with money from newer investors rather than from real profits. Police have not said which specific tokens were involved beyond the scheme names.
Complainant Alleges Rs 60 Lakh Loss
The case surfaced after Panchkula-based government contractor Ashok Kumar filed a complaint against Rajesh. Ashok told The Indian Express that he initially invested Rs 8,500 and received the money back. He later took a loan and invested Rs 3.5 lakh in 2021, and he alleges that he eventually lost Rs 60 lakh.
“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 said. He alleged that 20 to 25 people introduced by him were also unable to withdraw their money, and claimed the overall loss suffered by his contacts must be more than around Rs 7-8 crore. These are complainant allegations and have not been adjudicated.
Four Arrested as Dubai Link Is Probed
The four arrested accused are Rajesh Kumar and Udham Singh from Karnal, Sushil Kumar from Yamunanagar and Sanjeev Kumar from Ladwa in Kurukshetra. Sushil, who had reportedly run a security agency before 2019, was arrested at Delhi airport while allegedly preparing to fly to Thailand. Udham Singh and Sanjeev were reportedly unemployed and dependent on family farming.
Police have also seized an Audi Q5, an Audi Q3 and a BMW linked to the accused, in addition to the Mercedes. They have approached the court seeking permission to auction the vehicles to recover alleged proceeds of crime. At least six electronic devices, including Apple MacBooks, iPhones and other mobile phones, have also been seized and sent for forensic examination.
The investigation has now expanded to suspected Dubai-based operators. Police have issued Look-Out Circulars against Ravinder Bangar and Happy Sheikh, whom investigators believe may be in Dubai. A Look-Out Circular is a notice used by Indian authorities to prevent a person from leaving the country. Other suspects named include Satish Mokhra, Devinder Bangar, Karamjeet and B S Randhawa.
“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 into online investment, cryptocurrency or stock-trading schemes promising unusually high returns.
Several details remain unclear from the available reporting. The exact date of the police action and arrests is not stated, and there is no information on whether the arrested men have been formally charged in court or on their bail or remand status. The source also does not specify the total number of victims, the full geographic scope beyond Haryana and the suspected Dubai links, or the outcome of the request to auction the seized vehicles.
Download the WikiFX app for insightful financial news & updates.
