Aligarh. Police have arrested another accused in an alleged multi-crore investment fraud targeting employees, professors, doctors and other prominent residents associated with Aligarh Muslim University (AMU).
According to police, the accused allegedly persuaded people to invest money in finance companies on the promise of attractive returns. Two other suspects remain absconding and teams have been deployed to trace them.
The case came to light after five complaints were registered at Civil Lines and Quarsi police stations. The complainants included AMU professors, employees and doctors. They alleged that Junaid, son of Musa Kashir and a resident of Emerald Gulista Apartment on Anoopshahr Road, along with his alleged associates, collected money from people in the name of investment in finance companies and subsequently failed to return the funds.
Police initiated action after their preliminary investigation found the allegations required further investigation. On August 7, police arrested Junaid, a former AMU student, and sent him to judicial custody. During interrogation and subsequent investigation, the role of other people allegedly associated with the network also came under scrutiny.
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According to police, Junaid allegedly took ₹66 lakh from Saurabh Pathak, a resident of Swarna Jayanti Nagar, ₹6 lakh from Nazeerul Hasan of Firdaus Nagar and ₹1 crore from AMU professor Masoom Raza in the name of investment. Police said complaints involving other alleged investors have also surfaced during the investigation.
The case assumed greater significance after allegations emerged that Junaid and his alleged network had collected more than ₹100 crore from around 200 people. In April, a social worker and lawyer had held a press conference along with alleged victims, highlighting the scale of the suspected fraud. The allegations triggered concern within the police department as well as the AMU administration.
However, Junaid allegedly presented a different account during questioning. According to his statement, around 50 to 60 people were associated with his companies and had collectively invested approximately ₹40 crore to ₹50 crore. He also allegedly claimed that around 12 investors were currently associated with him, while only five people had formally filed complaints with the police.
Police are independently verifying these claims. A key part of the investigation is to determine the actual nature of the companies involved, whether they were legitimately conducting financial activities and how the money collected in the name of investment was used. Investigators are expected to examine bank accounts, company records and documents related to investors.
Police are also examining whether different individuals performed different roles within the alleged network. Some may have identified potential investors and persuaded them to invest, while others could have been involved in managing the companies or handling financial transactions. Investigators are attempting to establish the specific role of each person based on documentary and digital evidence.
As part of the investigation, police arrested Junaid’s alleged associate Deepak Kumar. Police identified him as the son of Laxminarayan and a resident of Mukund Vihar. He was produced before a court following his arrest and was subsequently sent to judicial custody.
Two other accused persons remain absconding. Police teams are conducting searches at their suspected locations and examining information obtained during interrogation and technical investigation to determine their whereabouts. Investigators are also trying to establish their alleged roles in the suspected investment network.
The police investigation may also involve preparing a detailed list of people who invested money in the companies or were approached with investment offers. Such information could help investigators determine the actual scale of the alleged fraud, the total amount collected and the flow of funds between different accounts.
Banking records are likely to play an important role in establishing the money trail. Investigators may examine deposits, withdrawals and transfers involving the accused, their companies, associates and other linked individuals. Any transactions involving relatives, business associates or third parties could also be examined to determine whether funds were diverted or transferred for purposes unrelated to the stated investment activity.
The investigation is not limited to the recovery of the alleged defrauded money. Police are also examining the structure of the companies, the source of investor data, the manner in which potential victims were contacted and the representations made to them before they transferred money.
Officials said further action will be based on the evidence collected during the investigation and the questioning of the arrested accused. Police are continuing efforts to apprehend the two absconding suspects and trace the alleged financial network.
The allegations against the accused remain subject to investigation and judicial proceedings. The exact scale of the alleged fraud, the total amount involved and the individual roles of the suspects will become clearer as police complete their examination of financial records, company documents and other evidence.
