A First Information Report (FIR) has been registered against Delhi-based Medallion Jewellers Private Limited and its office-bearers for allegedly defrauding investors by promising attractive cashback on gold purchases and doubling their investments within 10 to 20 months. According to the police, the company is accused of allegedly cheating around 40 investors of nearly ₹4 crore. The Cyber Crime Police Station has launched an investigation, examining digital evidence, financial transactions, and the company’s online operations.
Complainant Manvendra Tiwari told the police that he worked with the company in a leadership training role between September 2022 and October 2023. According to his complaint, the company initially promoted a scheme offering cashback on gold purchases. It later allegedly introduced a “new booking scheme,” claiming that investors’ money would double within a specified period. The complaint alleges that a large number of people invested their funds based on these assurances.
The complaint further alleges that when certain investors and associates questioned the company’s operations and objected to the alleged irregularities, they were removed from the organisation. It is also alleged that the company shut down its original website, medallionjewellers.com, and subsequently launched a new website under the name shreemedallionjewellers.com. According to the complainant, investor data from the earlier website was also removed, preventing investors from accessing information related to their investments.
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Police said the FIR names the company’s founder and Chief Executive Officer Satyajit Kumar, associate and operations manager Krishna Gaur, chief promoter Rahul Dev Rajak, and the company’s Varanasi sales head Ajit Pandey. The complaint accuses them of allegedly misleading investors into depositing money and subsequently failing to honour the promised returns.
The Cyber Crime Police Station registered the case on Tuesday night. Investigators said they will examine the company’s bank accounts, digital payment records, website operations, investment-related documents, and electronic evidence to verify the allegations and trace the movement of funds.
Police said the investigation has been assigned to Inspector Udayveer Singh. The probe aims to establish the financial trail of the allegedly defrauded investors’ money, determine the role of each accused, and initiate further legal action based on the evidence collected. Investigators are also examining whether the alleged investment scheme was used to collect funds from investors in other states.
According to preliminary information, the company organised a large event in Varanasi on July 5, 2026, to mark its sixth anniversary. Complainants have alleged that the event was used to project the company’s credibility and attract new investors. However, these claims are also under investigation, and the police have not reached any final conclusions regarding the event.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that investment schemes promising unusually high returns, guaranteed doubling of money within a fixed period, or exceptionally attractive cashback offers should be treated as major warning signs by investors. He advised people to independently verify a company’s registration, regulatory compliance, business model, and official documentation before investing. He added that forensic examination of digital platforms, website changes, and financial transaction trails plays a crucial role in uncovering such alleged investment frauds.
The investigation is currently underway. All allegations against the accused remain subject to investigation and judicial proceedings. Any final determination regarding criminal liability will depend on the examination of digital evidence, financial records, witness statements, and other material collected during the investigation.
