Dehradun Police have registered a case against six people and a company after a retired serviceman alleged that he and members of his group were cheated of about ₹1.55 crore through cryptocurrency, forex and artificial intelligence-linked trading schemes.
The complainant, Chandrabhallabh Shukla of Clement Town, alleged that prime accused Lavish Chaudhary alias Nawab Ali and his associates promised unusually high returns and persuaded him to invest through multiple digital trading platforms.
Police have booked the accused under provisions of the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act.
The alleged loss has been put at ₹1,55,49,748.
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Accused Allegedly Promised 5% to 8% Returns
According to the complaint, Chaudhary and some associates visited Shukla’s home in February 2024 and introduced him to cryptocurrency and forex trading opportunities.
They allegedly claimed expertise in AI-based trading and encouraged him to open accounts on MetaTrader 5 and other platforms.
Shukla initially invested ₹60,000.
He was allegedly promised monthly returns of around 5% to 8%, with higher returns under longer investment periods.
The complainant claimed that investors were also told they could earn up to 15% under certain plans if funds remained invested for longer periods.
Such fixed or unusually high return claims are a major warning sign in speculative markets because crypto and forex investments do not normally generate guaranteed returns.
Multiple Platforms Used to Seek More Money
The complaint names several platforms and schemes that were allegedly promoted during the investment process.
These included BotBro, BotAlpha, Cross Market, Mine Crypto and TLC Coin, among others.
The accused allegedly explained the schemes through Zoom meetings, WhatsApp, Telegram and social-media channels.
According to the complainant, the platforms were presented as advanced investment systems using AI to generate profitable trades.
Shukla alleged that he repeatedly transferred money between April 2024 and February 2025 into different bank accounts provided by the accused.
Some payments allegedly went to accounts linked to Chapter Money Solution Private Limited and NPAY Box Private Limited.
Police are now examining those transactions and the entities associated with them.
Additional Payments Allegedly Demanded for Withdrawals
Problems reportedly began when the complainant sought to withdraw his original investment and the profits displayed on the platforms.
According to the complaint, he was asked to deposit more money before the funds could be released.
Additional payments were allegedly demanded for token purchases, transfers and other procedures.
The names and interfaces of some platforms were also allegedly changed during this period.
Shukla claimed that during a Zoom meeting in October 2025, investors were told an older platform was being shut down and funds would be shifted to another platform.
He alleged that the promised money was never returned.
This pattern is common in fake investment schemes, where victims are shown profits on a digital dashboard but cannot withdraw them without paying additional charges.
The displayed balance may have no connection to real trades or actual assets.
Complaint Reached Police After Multiple Representations
Shukla approached the Dehradun Senior Superintendent of Police on March 23, 2026.
He later filed complaints through the RBI Sachet portal and approached Uttarakhand’s Economic Offences Wing and cybercrime authorities.
A case was subsequently registered at Clement Town police station.
Police are examining bank records, digital platforms, communication trails and documents submitted by the complainant.
The FIR names Lavish Chaudhary alias Nawab Ali along with other accused and a company allegedly involved in receiving or promoting investments.
Prime Accused Named in Other Investment Fraud Cases
The latest FIR is not the first case involving Chaudhary.
In August 2026, Dehradun Police registered another case alleging that around 160 investors were cheated of approximately ₹12 crore through crypto and forex trading schemes.
Mumbai Police had earlier registered a separate case involving alleged losses of nearly ₹11 crore and platforms such as BotBro, Botalpha and Yorker FX.
Goa Police have also investigated another alleged investment fraud involving some of the same platform names.
These remain separate investigations, and allegations in one case do not by themselves establish liability in another.
Why the Banning of Unregulated Deposit Schemes Act Matters
Police have invoked Section 21 of the Banning of Unregulated Deposit Schemes Act along with cheating and conspiracy provisions under the Bharatiya Nyaya Sanhita.
The 2019 law prohibits unregulated deposit schemes and also bars people from inducing others into such schemes through false or misleading promises.
It is designed to protect investors from arrangements that collect money while promising repayment, profit or other benefits without being part of a recognised regulatory framework.
This does not mean every crypto or forex investment is automatically covered by the law.
Its application depends on how money was collected, what was promised and whether the arrangement qualifies as an unregulated deposit scheme.
Police Trace Bank Accounts and Digital Network
Investigators are now examining the bank accounts that received the alleged payments and the digital infrastructure associated with the various platforms.
They will also look at whether funds were moved between different companies or individuals and whether other investors were affected.
Police are expected to compare the accounts, mobile numbers and communication records with those appearing in other complaints.
The accused have not been convicted, and all allegations remain subject to investigation and trial.
What this means for you
Do not treat guaranteed monthly returns from crypto, forex or AI trading as credible simply because profits appear on an app or dashboard. Verify the platform’s regulatory status independently and never send additional money merely to “release” funds or unlock a withdrawal.
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