A major alleged real estate investment fraud has come to light in Uttar Pradesh’s capital, Lucknow, where nearly ₹11.55 crore was allegedly collected from around 100 investors through forged receipts issued in the name of a real estate company. Acting on a court order, Gomti Nagar Police have registered an FIR against 10 accused, including nine former company agents and one woman. Investigators are now examining financial transactions, bank records, and investment-related documents to trace the movement of funds and determine the full extent of the alleged fraud.
According to the complaint, Hemant Kumar Rai, a resident of South City in Lucknow’s PGI area, operates a real estate firm named Shreya Infra and Marketing Pvt. Ltd. in Vivek Khand, Gomti Nagar. He alleged that several agents working with the company gradually gained his trust before printing forged receipts in the company’s name and using them to collect money from investors. The accused allegedly promised attractive returns and assured profits, persuading people to invest substantial amounts in various real estate schemes.
The FIR names Chandan Kumar of Siwan (Bihar), Ribha Jaiswal and Shobhnath of Varanasi, Ashish Kumar Yadav of Jaunpur, Malvath Srisha of Karimnagar (Telangana), Vibhav Pandey of Pratapgarh, Alok Kumar and Sunil Kumar of Prayagraj, Amit Kumar of Lucknow, and Muskan Gulista of Yamuna Vihar, New Delhi. The complainant alleged that the accused acted in concert to collect money from investors while maintaining financial transactions outside the company’s official accounting system.
Hemant Kumar Rai further alleged that when he questioned the agents regarding the investments, they claimed that all collected funds had been deposited into the company’s projects. He also accused them of manipulating company records to conceal the alleged misappropriation. Suspicion deepened when investors approached the company seeking repayment of their investments and presented receipts bearing the signatures of the accused agents. Preliminary scrutiny reportedly revealed that the money collected from investors had never been deposited into the company’s official bank accounts.
The complainant also alleged that after the accused agents left the company, it was discovered that the allegedly collected funds had instead been diverted to a company associated with Muskan Gulista, a resident of Yamuna Vihar in New Delhi. He claimed that despite approaching Gomti Nagar Police earlier, no action was taken, prompting him to seek legal intervention. Following the court’s directions, police registered an FIR and initiated a detailed investigation into the alleged fraud. Authorities are now examining banking records, investment agreements, forged receipts, digital evidence, and the financial trail to identify the ultimate beneficiaries of the transactions.
According to the Future Crime Research Foundation (FCRF), investment fraud schemes frequently exploit investor trust through forged documentation, misleading promotional material, and unrealistic promises of high returns. The organization advises investors to independently verify a company’s registration status, regulatory compliance, financial credentials, and payment mechanisms before committing funds. It also cautions that unusually high or guaranteed returns should be treated as a significant warning sign.
Police said the investigation is ongoing and evidence is being collected against all those named in the FIR. Investigators will examine bank accounts, digital records, investment documents, and statements of the complainant, investors, and accused persons. If the probe uncovers the involvement of an organized financial fraud network or additional individuals, further legal action will be taken in accordance with the law. Authorities have also urged the public to verify the authenticity of any investment opportunity before transferring money and to invest only through authorized and credible institutions.
