Lucknow: A 67-year-old retired engineer has alleged that he was cheated of ₹90 lakh after being lured into investing in a purported family-run jewellery business that promised high returns. Based on his complaint, police have registered a case against Arvind Tiwari, his father Rajkesar, wife Kanchan and son Yash, all residents of Telibagh in the PGI area. The accused are charged with taking money on the pretext of a partnership but neither returning the investment nor paying any profit.
According to the complainant, Rajendra Kumar Singh of Anora Kala village in the BBD area first met Arvind in October 2024 at an ICICI Bank branch in Kathauta. During their interaction, Arvind claimed to be associated with a family jewellery trade and assured attractive returns on investment. To build trust, he and his family began visiting the victim’s home regularly and proposed opening a jewellery shop in Sushant Golf City, offering Singh a stake in the venture.
₹90 Lakh Transferred, Gold Pledged as Security
Singh said he initially handed over ₹20 lakh. Later, Arvind sought additional funds citing business expansion. The victim arranged a ₹70 lakh loan in the name of his son Sarvjeet and gave the amount to the accused. In return, they pledged gold ornaments as security, assuring him that his investment was safe.
When neither profits nor the principal amount were returned, Singh tried to contact the accused, but his calls and messages went unanswered. On visiting the shop location in Sushant Golf City, he was told by Rajkesar that Arvind had no connection with the establishment. The fraud came to light when Singh attempted to sell the pledged jewellery and discovered it was counterfeit.
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Following the complaint, police registered an FIR against the four accused under sections related to cheating and criminal conspiracy. Investigators are examining transaction documents, bank records and the fake ornaments submitted as collateral. Further action will be based on evidence gathered during the probe.
Investigation Underway, Wider Angle Being Explored
Police are also exploring whether the accused used a similar modus operandi to dupe other investors. Bank account trails, loan papers and call detail records are being analysed. Questioning and possible arrests may follow as the investigation progresses.
Experts note a rise in fraud cases involving investment and partnership offers, where suspects build personal rapport to gain confidence and provide fake security such as counterfeit jewellery or forged documents. Large investments without written agreements, verified business registration or financial due diligence carry significant risk.
Police have advised citizens to verify GST registration, trade licences, bank credentials and execute formal agreements before investing in any business. Suspicious proposals should be reported promptly to enable timely legal action.
