Aligarh: Junaid Ahmed, who completed a PhD in Commerce from Aligarh Muslim University (AMU) in 2019, has been arrested and sent to jail in connection with an alleged investment fraud involving around ₹400 crore. Police allege that Ahmed collected money from hundreds of AMU employees and members of the public by promising unusually high returns on investments and subsequently routed the funds into bank accounts belonging to his employees and associates. According to police, five cases of fraud have already been registered against him at different police stations, while efforts are underway to trace his alleged accomplices.
According to investigators, Ahmed allegedly persuaded people to invest in schemes and ventures presented under names such as ‘Investment’, ‘Saina Holidays’ and ‘Sehla Pharma’. He allegedly assured prospective investors that their money would generate substantial returns. The initial returns reportedly helped build confidence among investors, allowing the alleged operation to expand and attract larger amounts of money from a wider group of people.
The investigation has revealed that Ahmed started a mutual fund-related business after completing his PhD from AMU in 2019. Police said the business initially generated profits but later suffered heavy losses. Investigators allege that, in an attempt to recover the losses and raise money quickly, Ahmed established an office in 2022 at Landmark Mall on Marris Road under the name ‘Saina Financial Advisor’. Police allege that the office was subsequently used to collect money from people in the name of investment.
Investigators said Ahmed particularly approached AMU employees and people known to him with investment proposals. He allegedly assured them of returns higher than those generally available through conventional investment options. After gaining their confidence, investors were allegedly instructed to transfer money into bank accounts identified by him. Police are now examining these accounts to determine where the funds were ultimately transferred and how many accounts were used in the alleged operation.
According to Aligarh police, Ahmed was residing at Emerald Gulista Apartments on Anupshahr Road. He was arrested from Anupshahr Road on Friday. During the search, police allegedly recovered three fake Aadhaar cards and ₹25,000 in cash from his possession. Investigators are examining the documents to determine how they were created, whose identities they represented and whether they were used in connection with the alleged financial activities.
Police said Ahmed allegedly continued collecting money from investors for nearly three years. Concerns among some investors reportedly began emerging in 2025 when questions were raised over transactions and promised returns. Complaints subsequently reached the police, prompting a detailed investigation. Investigators are now working to identify the number of people who invested money through the alleged schemes and are examining financial records associated with the transactions.
Renowned cybercrime expert and former IPS officer Professor Triveni Singh said that establishing trust is often a critical component of large-scale investment frauds. According to him, an accused may use an academic or professional background to create an impression of credibility among prospective investors. He said bank transactions, company records, digital communications with investors and the final movement of funds can be crucial in determining the actual structure and scale of an alleged financial fraud.
Police are now trying to establish how much of the alleged ₹400 crore was actually collected from investors and how much was subsequently transferred to other accounts or used to acquire assets. Investigators are also examining the alleged role of employees and associates who may have facilitated the movement of funds.
The investigation is also expected to determine whether the ventures and investment schemes promoted by Ahmed had any genuine business activity or were allegedly used primarily to collect money from investors. Police are examining financial documents, bank statements and other records to establish the flow of funds.
Ahmed has been arrested and sent to judicial custody, while the financial investigation remains underway. Police are examining his bank accounts, alleged companies, investment schemes and records connected with his associates. Investigators are also working to identify other possible victims and determine whether additional suspects were involved in the alleged ₹400-crore investment fraud.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
