In a sweeping financial fraud unravelling across state lines, four men were arrested from Lucknow for duping investors of nearly ₹100 crore. With forged documents in the name of the RBI, SEBI, and FIU, the gang promised high returns through crypto schemes and luxury rewards. Maharashtra Police, with UP STF’s support, made the arrests following a probe into a multi-layered scam headquartered in the shadow of legitimacy.
The Great Lie: Promises of Profit, Perks, and Paperwork
In a case that reads like financial fiction, a gang operating from Lucknow’s Chinahat and Sushant Golf City posed as agents of legitimate investment opportunities, using fabricated documents bearing the names and seals of top Indian financial regulators—including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Financial Intelligence Unit (FIU). With these, they built a polished facade of credibility that enabled them to orchestrate a ₹100 crore scam across state lines.
At the heart of the deception was a fake firm, Tailwin, through which the accused lured dozens of investors with the promise of double returns on crypto and stock investments. The gang also offered bonuses like SUV cars and international tours to Thailand, Indonesia, and Gulf countries for those who invested larger sums.
Their trail, however, ended abruptly on May 28, when a combined team of Maharashtra Police and Uttar Pradesh STF raided Lucknow locations and arrested four suspects:
- Vijay Kumar (Rudauli, Ayodhya)
- Ashish Kumar Tandon alias Amit (Shakti Apartment, Malhaur, Chinahat)
- Salman Khan (Mijhaura, Ambedkar Nagar)
- Rajan Kumar Singh (Omega Green, Sushant Golf City)
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
The most chilling aspect of the fraud was the meticulous forgery of documents from India’s highest financial regulatory bodies. The gang didn’t just make fake websites or digital forms—they created physical copies of approval letters, complete with counterfeit stamps, signatures, and seals mimicking those of the RBI, SEBI, and FIU.
These documents were shown to investors as “proof” of the company’s regulatory compliance and government authorization. The illusion was so convincing that even seasoned business professionals were duped, including Jyoti Prakash, a computer entrepreneur from Thane’s Devipada area, who initially filed a complaint after losing ₹29 lakh.
As the investigation into that FIR filed in Mumbra Police Station expanded, authorities uncovered layers of deception and linked the names of eight individuals to the fraud, including Shubham Singh, Passwan, Shubham Kesarwani, Ashutosh Datt Dwivedi, and Vijay Gupta, apart from the four who have now been arrested.
Crackdown, Controversy, and the Shadow of Shakti Apartment
The arrests have not only peeled back the scale of the financial crime but also thrown a fresh spotlight on Shakti Apartment, a residential complex already marred by controversy. Earlier this year, the building made headlines when foreign women were found living there without valid documentation. Now, with its connection to a ₹100 crore scam, its reputation is under even deeper scrutiny.
According to officers in the Mumbai crime team, several critical leads have emerged from the questioning of the four men now under remand in Maharashtra. These include digital evidence, fake stamp templates, and communication trails pointing to a wider syndicate still at large.
Authorities are now intensifying their search for the remaining accomplices. Meanwhile, legal teams in both Maharashtra and Uttar Pradesh are working in tandem to map out the financial footprint of the fraud.
About the author – Prakriti Jha is a student at National Forensic Sciences University, Gandhinagar, currently pursuing B.Sc. LL.B (Hons.) with a keen interest in the intersection of law and data science. She is passionate about exploring how legal frameworks adapt to the evolving challenges of technology and justice.