Mohit Wadhwa, a resident of Subhash Nagar, was arrested on May 9 for orchestrating a long-running investment fraud that preyed upon the trust of religious devotees. According to officials, Wadhwa and his accomplices, all regular attendees at spiritual gatherings or ‘satsangs’ at the Bade Mandir in Chhatarpur, used their association with a spiritual figure known as “Guruji” to gain credibility.
“Over three years, from 2017 to 2020, they convinced fellow followers to invest in high-return schemes supposedly linked to Dubai,” stated Deputy Commissioner of Police Amit Verma. Victims, bound by shared spiritual reverence, entrusted Wadhwa with large sums of money—believing in the legitimacy of the investment based on the sanctity of the religious network.
ALSO READ: FCRF Launches Campus Ambassador Program to Empower India’s Next-Gen Cyber Defenders
How the Fraud Unfolded: ₹9 Crore Collected in Good Faith
The case came to light when a devotee, Gurpreet Kaur Rai, filed an official complaint. Her voice soon encouraged three more families to step forward, eventually revealing that 14 individuals had fallen victim to the scheme. As per police records, funds totaling approximately ₹9 crore were collected in multiple tranches over the course of three years.
Police investigations revealed that Wadhwa made no formal agreements or issued any documentation to investors. Victims were strung along with verbal assurances and vague promises of enormous returns. Scrutiny of bank statements helped partially confirm the financial trail between Wadhwa and the complainants.
Cryptocurrency, Lavish Spending, and Past Offences Emerge
Preliminary findings indicate that a significant portion of the collected funds was diverted towards cryptocurrency investments. The rest was allegedly used to maintain an opulent lifestyle, far removed from the humble demeanor Wadhwa projected at spiritual gatherings.
The accused, who is a Class 12 graduate and married, reportedly organized ‘satsangs’ at his own residence, further entrenching his position in the Guruji devotee community. DCP Verma disclosed that Wadhwa had previously been arrested in another investment fraud case, suggesting a pattern of deceit.
A case has now been registered against him under Indian Penal Code Sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), and 120-B (criminal conspiracy) at the EOW police station. Authorities are continuing their efforts to identify and apprehend his co-conspirators.
