A family hailing from Bulandshahr, Uttar Pradesh, has been booked by Himachal Pradesh police for allegedly defrauding two Dharamsala residents of ₹55 lakh under the guise of high-yield investment schemes. The accused allegedly lured victims with guarantees of safe principal investments while promising lucrative returns through real estate ventures, foreign exchange trading, and cryptocurrency platforms.
Dharamsala police registered an official case under IPC Sections 420 and 120-B against Charan Singh, his two sons Sushil Verma and Mahinder Singh, along with Mahinder’s wife Rajesh Kumari. Investigators are currently dissecting digital money trails and banking transactions to determine where the misappropriated funds were transferred.
Understanding FX and Crypto Investment Frauds
To understand how this fraud operated, it is essential to clarify the key financial and legal concepts involved in the case. Foreign Exchange (FX) trading fraud occurs when scammers promise guaranteed high returns on currency markets while privately diverting investor funds into unauthorized bank accounts or offshore platforms.
Cryptocurrency laundering in such schemes involves routing illicit cash through digital asset wallets to obfuscate the money trail and complicate police recovery efforts. Furthermore, the charges filed under IPC Section 420 for cheating and Section 120-B for criminal conspiracy reflect a coordinated effort by multiple individuals to intentionally deceive victims for financial gain.
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Breakdown of the Losses: How Investors Were Deceived
The fraudulent operation siphoned substantial capital from two primary victims through distinct investment lures. The first investor initially deposited ₹15 lakh with a firm named Divya Bricks Real Estate Private Limited before transferring an additional ₹30 lakh directly to the personal account of accused Rajesh Kumari in June 2024.
The victim was repeatedly assured that the capital was completely secure and would generate massive profits within a remarkably short period. Despite transferring a total of ₹45 lakh across multiple instalments, the victim received neither the promised high returns nor the return of the original principal.
Simultaneously, a second victim was targeted through a high-return FX trading arrangement and induced to invest approximately ₹10 lakh in several tranches. After funds were successfully transferred into designated bank accounts provided by the accused, all communication abruptly ceased, leaving both investors unable to recover their money.
Digital Trails and Cryptocurrency Under Investigation
Victims allege that the stolen capital was quickly siphoned off and converted through unauthorized cryptocurrency exchanges to evade detection by financial authorities. Consequently, the complainants have formally requested law enforcement to freeze associated digital wallets and bank accounts linked to the suspect network.
Police teams are currently analyzing seized electronic devices, transaction logs, and mobile chat records to map out the entire movement of funds. Investigators are working to trace whether the money was routed to secondary shell accounts or completely converted into digital assets.
Police Action and Nationwide Search
While the initial complaint was submitted in June 2026, formal criminal charges were registered as an FIR on August 22 following extensive preliminary inquiries by Dharamsala police. Senior officials confirmed that while all four family members originate from Bulandshahr, Uttar Pradesh, they are currently residing in the Hosahalli area of Bengaluru, Karnataka.
Authorities are now expanding their probe to determine if the group targeted additional victims across other states using identical promises of risk-free, high-yield returns. Specialized teams are attempting to trace the full financial trail to freeze assets and recover the stolen ₹55 lakh.
What this means for you: Always verify the registration and regulatory compliance of investment firms with official financial regulators before transferring funds for real estate or FX trading. Never trust investment schemes that offer guaranteed high returns or request payments into personal individual bank accounts.
