Muzaffarnagar: Sitting in a rented office in Haridwar, a 28-year-old B.Com graduate dreamt of becoming a billionaire. He never built a tech startup, launched an app, or invented a product. Instead, he built a lie — one that cost 50,000 investors their life savings and left behind a trail of fraud worth ₹123 crore.
That dream — wrapped in the promise of “quick returns” and “luxury lifestyles” — eventually crashed when the cryptocurrency market collapsed in late 2024, taking with it nearly ₹95 crore of investor money.
The Making of a Scam: From Salesman to “Senemi Consulting”
In a small village named Khedki, near Purkazi town in Muzaffarnagar district, lived Amit Gautam, a modest man with a B.Com degree. He once worked as a salesman for a beauty product company, earning about ₹60,000–70,000 a month. By 2022, he quit his job to start his own venture — Senemi Consulting Pvt. Ltd., a company that promised “investment-driven beauty business opportunities.” Amit recruited Sarfaraz, a local LPG deliveryman with strong community ties, as his field partner. Together, they designed a Ponzi-style plan: invest between ₹12,000 and ₹12 lakh, and earn 2.5 times the amount in just 16 months.
Beauty Products as a Cover for a Financial Trap
To appear legitimate, every investor was required to buy at least ₹500 worth of beauty product vouchers. In 2023, the duo held a grand seminar in Purkazi, drawing around 200 people. Early investors received small returns, creating a false sense of trust.
Soon, the network spread across Dehradun, Haridwar, Roorkee, Saharanpur, Meerut, Ghaziabad, Noida, Delhi, and Yamunanagar. Within two years, Senemi Consulting had collected ₹123 crore. Police investigations later revealed that Amit’s firm funneled this money into Delta Exchange, a trading platform, allegedly generating ₹395 crore in profits — all unverified claims. The funds were then moved to cryptocurrency markets, where the bubble burst.
The Collapse: When Crypto Crashed
In September 2024, the global crypto market took a sharp downturn. Senemi Consulting reportedly lost around ₹95 crore overnight. Soon after, investor payouts stopped. By early 2025, Senemi’s offices, warehouses, and local marts had shut down. The company’s website went offline, and its directors disappeared.
Alarmed investors filed complaints with the Muzaffarnagar Police, leading to multiple FIRs in Purkazi and Civil Lines police stations. On October 7, 2025, the police arrested Amit Gautam, Sarfaraz, and Dr. Shadab — seizing around ₹8 crore worth of beauty products. The hunt for luxury assets and real estate bought with the stolen funds is still underway.
Victims’ Voices: “I Sold My Truck to Invest”
Among those defrauded is Azeem Khan, a truck owner from Purkazi.
“I sold my old truck and invested ₹5 lakh,” he says. “For three months, small returns came regularly. Then everything stopped. I went from being a business owner to a daily wage earner. The police have promised justice — but our savings are gone.”
Another investor, Dr. Naved, recalls how people were lured through public events:
“They organized big seminars in Purkazi and Chandigarh. We were promised doubled returns and even luxury cars. Initially, our wallets showed virtual balances — but that money was never released. Now, we’re just waiting for justice.”
Fortuner Cars and Lavish Lifestyles
The investigation revealed that top members of the scam bought luxury cars, bungalows, and real estate using investors’ money. Sarfaraz, the gas deliveryman-turned-“executive,” even received a Toyota Fortuner as a “reward.” Locals allege that several small-time agents from Purkazi are now driving luxury vehicles — all purchased from the proceeds of the fraud.
Police Action: “Assets Will Be Seized”
SP City , who is leading the investigation, said:
“The primary accused, Amit Gautam, created this company two years ago and lured people with promises of 16% monthly returns. Initially, small payments were made to gain trust. Now, our focus is to trace all properties bought using fraudulent funds. Every such asset will be seized.”
The Dream That Became a Curse
What began as a “beauty business” ended as one of western Uttar Pradesh’s biggest crypto-linked Ponzi scams. Amit Gautam’s ambition to become a billionaire may have briefly made him rich — but it ruined thousands of families across several states.
In Purkazi, the dust still hasn’t settled. Many victims have lost not just their savings but their livelihoods. And as the police dig deeper, one truth echoes across the lanes of this small town — the dream of easy money always comes at a devastating cost.
