Lucknow Real Estate Developer Files FIR Over Rs 10 Crore Investment Fraud
A prominent real estate businessman from Lucknow has lodged a formal complaint with the police, accusing two bullion traders of orchestrating a sophisticated investment fraud that allegedly cost him a staggering Rs 10 crore. The case, registered by Chowk police under the directives of the Police Commissioner, has sent shockwaves through the local business community.
Details of the Alleged Financial Deception
The complainant, identified as Hamza Siraj, a resident of the Cantonment area who operates a construction business, has named two brothers, Amar Singh and Ranjeet, as the primary accused. According to the FIR, these individuals run a bullion firm called Bahubali Bullion and Jewellers Private Limited, located in the bustling Chowk Sarrafa market.
Siraj's complaint outlines a carefully planned scheme that began approximately two years ago when he was introduced to the accused through a mutual acquaintance, RC Tiwari. The bullion traders allegedly presented an enticing business expansion opportunity, promising Siraj a consistent monthly return of 3% on his investment.
The Investment Transaction and Subsequent Developments
Trusting their professional presentation and assurances, Siraj proceeded to transfer the substantial sum of Rs 10 crore to the firm's bank account on June 24, 2024. What followed, however, was a series of broken promises and financial maneuvers that raised serious red flags.
Instead of providing the promised monthly returns or returning the principal amount, the accused reportedly informed Siraj that Rs 7.40 crore of his investment had been allocated to gold purchases, while the remaining Rs 2.60 crore would be refunded. A formal investment agreement was executed on July 15, 2024, with validity extending until October 2025, but according to the complainant, this document proved meaningless.
Mounting Frustration and Police Intervention
Siraj alleges that neither the assured profits materialized nor did he receive any portion of his principal investment back. Even the promised Rs 2.60 crore refund never materialized despite repeated demands and negotiations. Faced with continuous delays and increasingly evasive responses from the accused, Siraj escalated the matter by approaching the Police Commissioner directly.
Following a preliminary inquiry into the allegations, police authorities found prima facie evidence supporting Siraj's claims, leading to the official registration of the case. Inspector Nagesh Upadhyay of Chowk police station confirmed that both parties are currently being summoned for detailed questioning, with statements being meticulously recorded as part of the ongoing investigation.
Police Investigation and Legal Proceedings
"We are conducting a thorough investigation into this serious financial matter," stated Inspector Upadhyay. "Both the complainant and the accused are being called for questioning to establish the complete sequence of events. Our team is carefully examining all documentary evidence, including bank transaction records and the investment agreement."
The inspector further emphasized that appropriate legal action will be initiated based on the evidence collected during the investigation. The case highlights growing concerns about investment fraud in business circles and underscores the importance of due diligence in financial transactions, particularly those involving substantial sums.
This development serves as a cautionary tale for investors and business professionals, reminding them to verify investment opportunities thoroughly and maintain proper documentation for all financial dealings. The Lucknow police have assured that they will pursue the investigation diligently to ensure justice is served in this high-value financial dispute.
