In a brazen case of investment fraud, an e-commerce company was duped of ₹1.40 crore after two men allegedly lured its managing director with the promise of startup funding, took control of his mobile phones, and siphoned off the money within hours. The incident occurred in the Kaushambi area of Ghaziabad and has once again highlighted how sophisticated financial scams are increasingly targeting startups and small businesses.
The victim company is Karnataka-based NEX Global India Private Limited. Following directions from a court, police have registered a first information report against the accused, Aman and Abhay, based on a complaint filed by the company’s managing director, Suman Kumar. Although the fraud took place in April 2025, the case moved forward only after sustained efforts by the complainant and judicial intervention.
According to the complaint, Suman Kumar had registered his company on the MSME portal to explore startup funding opportunities as part of plans to expand the business. While actively seeking investors, he was contacted on March 30, 2025, by Aman and Abhay, who claimed they could arrange funding for the company and expressed strong interest in investing.
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The two men proposed a meeting to finalise the deal and complete documentation. On April 4, 2025, they asked Suman Kumar to meet them at a hotel near the Kaushambi Metro station, stating that the initial investment would be transferred via cheque and formal procedures would be completed on the spot. During the meeting, the accused assured him that ₹3 lakh would be credited to the company’s account as a first instalment to build trust.
At the hotel, one of the accused reportedly took both of Suman Kumar’s mobile phones, claiming it was necessary to verify investor databases, banking details, and other technical information linked to the company. Shortly thereafter, he cited a “technical issue” and stepped out of the hotel with the phones. When he failed to return for a long time, the second accused told Suman Kumar he would go outside to check on him — and then disappeared as well.
Sensing something was wrong, Suman Kumar immediately attempted to block his SIM cards and bank account access. However, by the time he reached home and checked the company’s bank statements, the damage had already been done. A total of ₹1.40 crore had been transferred from the company’s account into multiple bank accounts through a series of rapid transactions.
The complainant alleged that he repeatedly approached the Kaushambi police station to report the fraud, but no effective action was taken. He also sought intervention from the office of the Deputy Commissioner of Police, but to no avail. Left with no alternative, he moved the court, which subsequently directed the police to register a case and begin investigation.
Police officials said they are now examining CCTV footage from the hotel where the meeting took place and have sought detailed information from banks regarding the accounts into which the money was transferred. Investigators are attempting to trace the transaction trail to identify beneficiaries and locate the accused.
The case underscores the growing risk faced by startups and entrepreneurs, particularly those seeking external funding. Experts warn that fraudsters often exploit the urgency and trust involved in investment negotiations, using technical pretexts to gain access to devices and financial credentials.
Police said the investigation is ongoing, and efforts are being made to arrest the accused and recover the defrauded amount.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
