Kanpur: Police have arrested Sushil Dhawan on charges of cheating investors by promising high returns on share market investments. The accused is alleged to have trapped people through fraudulent investment schemes and illegally obtained money from multiple victims. Authorities said that six criminal cases were already registered against him.
Investigators said that Dhawan used investment plans as a tool to lure people with promises of substantial profits. He reportedly operated several WhatsApp groups where both known and unknown contacts were added. Associates within these groups allegedly promoted the investment schemes by claiming huge returns, which encouraged more people to approach the accused.
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According to complaints, Sushil Dhawan cheated Richa Sharma of ₹51 lakh in 2024. Following the complaint, a case was registered at Najirabad police station against the accused, his father, his wife Anjali, and Manya Tiwari. The investigation into the matter was continuing.
On January 1, 2026, two additional complaints were filed. Vishnudutt Trivedi, a retired central excise superintendent from Krishna Vihar, Kalyaanpur, alleged that ₹60 lakh was cheated from him. Another retired customs officer from Awas Vikas area reported a loss of ₹7 lakh. The total alleged amount involved in the case is approximately ₹1.32 crore.
Police said that the accused was also involved in share broking operations. Sushil Dhawan reportedly resided in Motinagar Society in Sarvodaya Nagar, while maintaining an office in Kaushalpuri. In 2021, Pradeep Manga, a resident of Pandu Nagar Model Town, had also filed a complaint against the accused and his firm, Rudra Shares and Brokers.
The complaint alleged that nearly ₹2 crore worth of shares were illegally transferred using forged documents. It was claimed that the accused gained the victims’ trust through conversations and convinced them to transfer their shares to his company. Investors later suffered financial losses.
Similar complaints were filed by Prateesh Rastogi for ₹1.57 crore, Ashok Kapoor for ₹1.50 crore, Ashok Mehra for ₹50 lakh and Akanksha for ₹2 lakh. Police said the accused operated in a coordinated manner to trap people in the investment scam.
Investigations revealed that Dhawan promoted investment schemes through social media and WhatsApp groups. He reportedly built trust by offering promises of secure investments with high returns in the share market. After gaining confidence, the money was allegedly diverted through company accounts or fabricated business transactions.
Police said the accused had been admitted to a hospital for treatment over the last three days. Acting on intelligence inputs, officers arrested him directly from the hospital. Interrogation is now underway to identify other members of the suspected network and locate additional victims.
Authorities stated that the investigation is ongoing and that bank accounts, digital records and investment documents are being examined. Financial trails are being analyzed to determine how the funds were transferred and circulated.
Officials added that if further evidence emerges, more individuals connected to the racket may face legal action. Police are also trying to establish whether the accused operated the scheme alone or was part of a larger organised fraud network targeting investors.
