Gorakhpur: A major alleged chit fund and investment fraud has surfaced in eastern Uttar Pradesh, with hundreds of investors accusing TRX Trading Gold Private Limited of cheating them of several crore rupees by promising assured monthly returns of 2–4 per cent. Following mounting complaints and directions from senior police authorities, an FIR has been registered at Ramgarhtal police station, and an investigation has been launched into the company’s operations and fund trail.
Assured Returns and a Gold Trading Pitch
According to the complaints, the company collected large sums from investors across Gorakhpur, Deoria, Kushinagar and adjoining districts by projecting itself as a gold trading and investment firm offering “safe and guaranteed” profits. Victims alleged that the firm induced them to invest by claiming that funds would be deployed in gold product trading and bullion transactions, with fixed monthly payouts.
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Office Locked, Management Unreachable
The company’s office was operating from a commercial building near Bhagat Chauraha on Deoria Bypass Road. Investors said the premises have remained locked for the past three months, while repeated attempts to contact the company’s directors have failed, with most mobile numbers either switched off or unanswered.
FIR Names Five Accused Directors
The accused named in the FIR include Ashok Kumar Sharma, managing director of the company and a resident of Lala Chhapra in Kushinagar district; Rani Sharma, listed as director; Jitendra Sharma; Paras Nath Sharma; and Anil Sharma, a resident of Kherat Banjaria in Deoria district. Of the five accused, four are residents of Kushinagar, while one belongs to Deoria.
Victims alleged that the scheme followed a familiar pattern. Initially, a section of investors received partial and timely returns, which helped build confidence and encouraged them to reinvest and persuade others to join. Over time, the investment amounts increased significantly, with many investors putting in their savings, business capital and borrowed funds, lured by the promise of regular monthly income.
Pattern of Early Returns and Expanding Investments
Several affected investors have now come forward, naming themselves in the complaint. Those who alleged losses include Ajit Yadav, Arun Kumar Singh, Chandrashekhar Rai, Sangam Paswan, Anand Dwivedi, Dileep Kumar Tiwari, Vrindavan Sharma, Brijesh Kumar, Vivek Kumar Nishad, Hemant Kumar, Chhanne Lal, Virendra Kumar Sharma, Parmeshwar Kumar Gupta, Virendra Kumar Gupta, Indu Devi, Ram Kumar Agrawal, Shashi Kapoor, Rahul Yadav, Rambadan Yadav, Rajesh Kumar and many others. Police said the actual number of victims could run into several hundred.
Payments Stop, Complaints Escalate
Investors claimed that when monthly payouts stopped, the company continued to assure them that all dues, along with promised profits, would be cleared in phases. However, these assurances eventually ceased, and the office was found locked. With no response from the management, investors approached the police multiple times before escalating the matter to senior officials.
Only after a joint representation by the victims was an FIR registered, paving the way for a formal investigation. Police sources indicated that the probe would focus on identifying the total amount collected, tracing bank accounts and payment channels used by the company, and determining whether funds were diverted for personal use or routed through shell entities.
Police Probe and Wider Concerns
Investigators are expected to examine company records, digital payment trails and investor agreements to establish the nature of the scheme and the extent of alleged fraud. Further legal action, including arrests and attachment of properties, may follow based on the findings of the investigation.
Police have urged other affected investors to come forward with documentation related to their investments to assist in assessing the scale of the alleged scam and strengthening the case against the accused.
