Vasundhara: Double Your Money scheme turns nightmare: ₹3.5 crore duped from retired IAS officer and wife

GHAZIABAD, Nov. 6, 2024: A retired IAS officer, S.P. Singh, and his wife, Kumud Singh, living in Vasundhara Sector-11, have been allegedly cheated of a whopping ₹3.5 crore. The accused had promised to double the money of the couple and had been siphoning it off gradually over several years. When she realized that it was a scam, Kumud Singh lodged a complaint with the Anti-Fraud Cell, which led to an FIR at the Indirapuram police station. Investigations are on.

Timeline and Modus Operandi

Fraudsters started ringing my husband in January 2018, promising he would double his investment. Between January 2018 and August 2024, the accused allegedly duped around ₹3.5 crore using different tactics. The couple allegedly sold their land, mortgaged jewelry meant for their daughter's wedding, and even utilised cash kept at home," recalls Singh.

It all began through a man named Praveen, who was an Indonesian-based resident. The latter had reportedly persuaded S.P. Singh to open an account in his name. Through it, Singh was supposed to have operated what the accused refer to as the investment scam. It is now more than six years since Singh and his family invested his savings and earnings into this scam as well as even loans extended by his relatives.

How the Scam Went About

He convinced the retired officer and his wife to invest heavily, including loans taken from relatives and cash secured through mortgaging their assets. The couple over time also paid major sums for the fraudsters' personal expenses, deepening losses further.

Ongoing Investigation

Ghaziabad Police ACP Swatantra Kumar Singh said that the case is still under investigation. Police are analyzing the details and following leads to find the individuals responsible.
The growing menace of financial fraud has led people to be attracted to such false promises of high returns, and authorities appeal to the public to be more cautious about investment schemes that offer unusually high profits.

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