A case has been registered against two individuals for allegedly cheating investors of approximately Rs 3.6 crore. The accused, Gurpreet Singh Sachdeva and Harjinder Singh Bains, both residents of Hoshiarpur, allegedly lured victims to invest in a company named Atalia Traders Private Limited on the promise of high returns.
Details of the Fraud
The accused allegedly assured a monthly profit of 3% and an annual return of 36% but later failed to deliver the promised profits or return the principal amount. The investigation was conducted by the Punjab Bureau of Investigation (PBI). The Punjab State Crime Police Station in Mohali registered the case based on a complaint filed by Taranjit Singh Bhalla and several other residents of Hoshiarpur.
According to the complaint, the accused collected investments through cheques, RTGS transfers, and cash payments between 2021 and 2023. They allegedly claimed that their company was recognized and authorized by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), assuring investors that their funds were completely safe.
Modus Operandi
Police said that the accused initially delivered profits for some time to gain the confidence of investors. However, payments were later stopped, and the accused allegedly began avoiding the investors when they sought the return of their money. The complainants alleged that when they repeatedly demanded repayment of their principal amount, the accused started threatening them.
In November 2024, the accused allegedly executed a written agreement promising to refund the invested money and issued several cheques to the investors. However, all the cheques reportedly bounced, and no money was returned.
Investigation Findings
Inspector Renu Sahu of the State Crime Police said that preliminary investigations confirmed the involvement of the two accused. During the investigation, police found that the accused were involved in other fraud and cheating cases. Investigators also discovered that documents shown to investors as proof of the company’s affiliation or recognition by SEBI and RBI were forged.
The case highlights the importance of verifying investment opportunities and the credentials of companies before investing. Authorities urge the public to report any suspicious schemes to the police.
