New Delhi — A 44-year-old man accused of weaving together religion and deception has been arrested by the Economic Offences Wing (EOW) of the Delhi Police. Mohit Wadhwa, also known as Manu, was taken into custody from Subhash Nagar on May 9 after a long-standing investigation into an elaborate investment fraud scheme targeting members of a religious sect.
Between 2017 and 2020, Wadhwa allegedly lured unsuspecting devotees from a satsang group at Bade Mandir in Chhattarpur with promises of “high-return investments.” He is accused of duping at least four families, including complainant Gurpreet Kaur Rai, of a total of ₹9 crore by peddling fake investment opportunities he claimed were linked to Dubai-based enterprises.
According to police officials, Wadhwa shared no documentation with victims, never paid returns, and used the funds for personal enrichment. Investigators say Wadhwa’s history with financial fraud is not new — he had previously been booked by the EOW for similar offenses.
Cryptocurrency and Lavish Lifestyles
Amit Verma, Deputy Commissioner of Police (EOW), revealed that the accused confessed to channeling some of the stolen funds into cryptocurrency markets while using the rest to fuel a luxurious lifestyle.
“Wadhwa studied up to Class 12. He built a reputation within the community by organizing religious gatherings at home, earning trust, and leveraging that trust for deceit. During questioning, he admitted to using cryptocurrency as a cover and living extravagantly with investor money,” said DCP Verma.
Wadhwa’s manipulation went deep: despite not offering any contracts or formal paperwork, he managed to instill enough faith in his victims to receive large sums over three years. Many of those duped were middle-class families who pooled life savings in hope of multiplying them — a hope that was systematically shattered.
A Trail of Deception and Investigative Breakthroughs
An FIR against Wadhwa was filed on July 27, 2021, under IPC Sections 406 (criminal breach of trust), 420 (cheating), and 120-B (criminal conspiracy). The probe was triggered by a complaint from Rai and corroborated by the testimonies of other victims and financial records examined by the police.
According to police, the fraudster—who has no formal financial training—posed as an insider in global investment circles. “Wadhwa’s financial transactions strongly corroborate what the victims claimed. We are now examining the potential role of his associates in India and abroad,” added DCP Verma.
The EOW is currently probing whether Wadhwa operated alone or with the support of an organized ring. Authorities believe at least some of the siphoned funds may have been routed to offshore accounts or into the cryptocurrency black market.
