A case of investment fraud involving ₹24 lakh has surfaced in the state capital, where a woman entrepreneur was allegedly duped on the pretext of investing in a gold mining project. Acting on a court directive, the Mahanagar police station has registered an FIR against six accused on charges of cheating, criminal intimidation and forced settlement.
According to the complaint, the victim runs a small firm, NK Finance, in Nishatganj’s Seventh Lane, dealing in credit card-related services and photocopy work. In April 2025, a man identified as Kaleem Hashmi, a resident of Virar in Mumbai, visited her office to apply for a credit card. During the interaction, he claimed that his company had secured a contract for operating a gold mine in Africa and offered her an opportunity to invest, promising that the amount would double within six months to a year.
Investment plan pitched at residence
The complainant alleged that the accused visited her residence the following day and presented the investment proposal in detail, gaining her confidence. Lured by the promise of high returns, she mobilised funds from relatives and acquaintances and handed over a total of ₹24 lakh in multiple instalments.
However, as months passed, neither any profit was paid nor the principal amount returned. When she began pressing for a refund, the accused allegedly asked her to meet him in Alambagh on July 15.
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Alleged coercion at gunpoint
The victim stated that upon reaching near the Alambagh police station, she was surrounded by Hashmi’s son Rehan, his wife Anjum, an associate Sahil and two unidentified persons. She alleged that the group abused her, forced her to sign a settlement document and held a firearm to her temple to threaten her. She was also warned that if she pursued the matter, they would create a public disturbance near the Vidhan Bhavan to implicate her.
Fearing for her safety, she signed the document under duress. Subsequently, she approached the court, which directed the police to register a case and initiate an investigation.
Notices issued, financial trail under scrutiny
Police officials said notices would be served to both the complainant and the accused for questioning. Bank transaction records, call detail records and other digital evidence are being examined to establish the flow of funds and the specific role of each accused. Technical analysis is also underway to determine whether similar fraudulent investment schemes were used to target other victims.
Investigators are probing whether the accused are part of a larger network involved in pitching high-return investment opportunities linked to overseas projects and mining ventures.
Rising trend of investment frauds
Economic offences experts noted that frauds involving promises of unusually high returns, foreign projects and extractive industries have seen a rise in recent years. Small business owners and individuals with limited access to formal financial advice are often targeted through persuasive personal contact rather than digital platforms.
Police have advised citizens to verify the authenticity of any investment offer, insist on written agreements, check regulatory approvals and avoid schemes promising guaranteed or unusually high profits.
Legal action underway
Further legal action will be taken based on the evidence collected during the investigation. Police indicated that arrests may follow once the financial and digital trail is established. Separate examination is also being conducted into the allegations of forced settlement and criminal intimidation involving a firearm.
The case has once again highlighted the growing risk of investment fraud and the need for greater financial vigilance, particularly in informal investment arrangements lacking regulatory oversight.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
