A law student has been arrested in Kolkata in connection with an alleged ₹34 crore investment fraud, in which investors were allegedly lured with promises of high returns. According to Haryana Police, the accused allegedly collected large sums of money from multiple investors between 2022 and 2024 by offering a monthly return of 13%. The investigation is ongoing.
Police identified the accused as Wazir Kabir, who was arrested from the Taltala area of Kolkata on Sunday night. Following his arrest, a Kolkata court granted Haryana Police transit remand to take him to Haryana for further investigation.
According to investigators, the accused allegedly operated an office in New Town, Kolkata, from where the investment scheme was promoted. Police allege that investors were promised unusually high returns of 13%, encouraging them to deposit substantial amounts of money.
Registration Begins for FutureCrime Summit 2026, India’s Largest Cybercrime Conference
Preliminary findings indicate that approximately ₹34 crore was allegedly collected from multiple investors during the period between 2022 and 2024. Investigators are examining financial records, bank transactions, digital evidence and other documentary material to determine the full extent of the alleged fraud and identify all victims and associates. Police are also analysing the flow of funds, beneficiary accounts and communication records to establish whether additional individuals or entities were involved in operating the alleged investment scheme.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that investment fraudsters frequently attract victims by promising abnormally high and assured returns that are inconsistent with legitimate financial products. He advised investors to verify the regulatory status of any investment scheme, avoid transferring money solely on the basis of verbal assurances, and immediately report suspicious investment offers to law enforcement authorities.
The investigation is continuing. Any determination of criminal liability will ultimately depend on the evidence presented before the competent court during the judicial process.
