Narnaul: The Economic Offences Wing of Mahendragarh district police has arrested a fifth accused in an alleged ₹1.99 crore fraud involving promises of arranging land, setting up a factory and securing bank loans. The accused, Daman Kapoor, a resident of Mandi in Himachal Pradesh, was arrested from Mohali, Punjab. He was produced before a court and taken on three-day police remand. During the remand period, he allegedly returned ₹5 lakh and signed a written agreement to repay another ₹15 lakh. After the remand ended, the court sent him to judicial custody.
Promised Land, Loan and Factory Setup
The case originated from a complaint filed on February 25, 2026, by Vinod Kumar, a resident of Jhagdauli and principal of Government ITI Narnaul. According to the complaint, Meer Singh, his son Ashutosh and their associates allegedly promised to arrange suitable land for the complainant and help him obtain a bank loan under an MSME scheme to establish a factory.
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The accused allegedly assured him that if the promised land could not be arranged, the entire amount would be returned with interest. Trusting these assurances, the complainant and his family allegedly handed over a substantial amount of money to the accused.
Investment Offer in Kolkata Company
According to the police investigation, the accused later allegedly offered the complainant an investment opportunity in a Kolkata-based company named ‘Angel Industry’, promising attractive returns. Money was allegedly collected from the complainant and his family under various pretexts, including land purchase, factory establishment and investment, taking the total amount involved to around ₹1.99 crore.
When the complainant allegedly began demanding his money back, the accused reportedly started avoiding contact. The complainant has also alleged that he and his family were threatened with death and kidnapping when they sought repayment.
₹20 Lakh Traced to Daman Kapoor’s Account
During the investigation, police allegedly found that ₹20 lakh from the amount paid by the complainant had been transferred to Daman Kapoor’s bank account. The financial trail reportedly helped investigators identify and locate him before he was arrested from Mohali.
Police are now examining how the money deposited into his account was subsequently used or transferred and whether other individuals connected with the alleged fraud benefited from the funds. Bank records and financial transactions are being examined to establish the complete money trail.
Four Accused Already Arrested
Police had previously arrested Meer Singh, his son Ashutosh, Rakesh and Sumit Kumar in connection with the case. With Daman Kapoor’s arrest, the number of accused arrested in the case has risen to five.
Investigators are also examining the role of other suspected members of the alleged network. Particular attention is being given to documents and claims related to the Kolkata-based company, the proposed land transactions and the alleged arrangements for bank loans.
Main Accused Facing Several Cases
According to police, five fraud cases have been registered against the main accused in Mahendragarh district. Around 10 other cases are also reportedly pending or registered against them in other districts of Haryana and neighbouring states.
Investigators are examining the accused persons’ properties, bank accounts and financial transactions. A key objective is to establish where the ₹1.99 crore allegedly collected from the complainant and his family was transferred and how the money was ultimately used.
Experts Warn Against Unverified Investment Offers
Experts dealing with financial and cyber-enabled fraud cases say promises of unusually high returns, easy bank loans, government schemes, land deals and quick factory setups can be used to gain the confidence of potential victims. They advise people to independently verify land records, company credentials, loan procedures and the identities of individuals offering such financial opportunities before transferring large amounts.
Police have also appealed to the public to verify documents and the credentials of individuals or companies before making substantial payments for land, business, investment or loan-related proposals. In cases of suspected financial or cyber fraud, immediate reporting to the police and banking authorities can improve the chances of tracing the money and preventing further transfers.
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.
