A major online investment fraud involving an estimated ₹12 crore has surfaced in Uttarakhand’s capital after nearly 160 residents were allegedly swindled through fraudulent promises of high monthly returns from cryptocurrency and foreign exchange (forex) trading. The victims were lured into depositing their savings into a multi-tier investment network that eventually froze all capital withdrawals. The matter has reached the legal system after victim Anoop Singh, a resident of Shri Krishna Vihar in the Nathuawala area of Raipur, filed an application before the court of the Additional Civil Judge (Sixth), Senior Division, Dehradun, seeking direct judicial orders for law enforcement to register a formal First Information Report (FIR) and initiate a comprehensive financial investigation.
High-Yield Investment Promises and Digital Recruitment
According to the judicial petition, the alleged fraud scheme was masterminded and operated by Lavish Chaudhary, also known as Nawab Ali, a resident of Muzaffarnagar in neighboring Uttar Pradesh. The accused allegedly utilized various digital communication channels, private social media groups, and online messaging platforms to establish contact with prospective investors across Dehradun. During these promotional interactions, the accused presented the investment structure as an exclusive opportunity to participate in high-frequency cryptocurrency trading and foreign exchange markets, assuring participants that their deposited capital would generate guaranteed monthly returns ranging between 5 and 6 per cent.
Reassured by assurances of regular dividend payouts and the prospective stability of digital asset markets, a large number of local residents deposited substantial sums into the platform. The network expanded rapidly through an incentivized referral model, where existing investors were encouraged to introduce family members, friends, and professional colleagues into the arrangement in exchange for secondary commission tiers. Court documents indicate that between 140 and 160 individuals from across various localities in Dehradun joined the investment network, collectively entrusting approximately ₹12 crore to the accused.
Sudden Frozen Withdrawals and Police Inaction
The operation functioned smoothly during its initial phase while fresh capital continued to flow into the network. However, the scheme unraveled when investors attempted to withdraw their accumulated profits or reclaim their principal capital investments. Platform operators suddenly halted all cash payouts and digital wallet transfers, leaving investors completely locked out of their account balances. When victims attempted to contact the principal accused and local network managers to seek clarification or request fund refunds, they were met with evasive promises before communication channels were permanently severed.
Faced with severe financial losses, the complainant initially approached the local Raipur police station to submit a detailed complaint outlining transaction records, bank account details, and the identities of the accused individuals. Following a lack of immediate progress at the station level, the victim escalated the matter by filing a formal representation before the Senior Superintendent of Police (SSP) in Dehradun. However, after failing to secure a formal police investigation or the registration of an FIR through administrative channels, the complainant resorted to judicial recourse under statutory provisions to compel law enforcement action.
Forensic Financial Audits and Scope of Judicial Probe
The petition submitted to the Dehradun court seeks explicit judicial directions instructing the police to register a criminal case under relevant provisions of Indian law governing cheating, criminal breach of trust, and financial fraud. If the court grants the petition and orders an investigation, forensic auditors and cybercrime teams will be tasked with scrutinizing extensive bank transaction logs, digital payment gateways, mobile messaging archives, and domain registration details associated with the online trading platform.
A primary objective of the impending police probe will be determining whether the collected ₹12 crore was ever deployed in legitimate cryptocurrency exchanges or forex trading platforms, or if the operation functioned entirely as an unauthorized Ponzi scheme reliant on capital layering. Investigators will also track the final destination of the diverted funds to identify secondary bank accounts, digital asset wallets, and real estate acquisitions linked to the accused and potential co-conspirators across state lines.
