NEW DELHI : An IAS officer has reported being defrauded of over Rs 1 crore by a purported investment advisor who had promised high returns on her investment. The case, filed at Tilak Marg police station in New Delhi, involves a Maharashtra-based officer who alleges that the advisor misled her with assurances of safe, profitable returns through his financial expertise.
According to the officer’s statement, she was introduced to the alleged fraudster last year by a relative in Gurgaon. Claiming to be an expert in currency trading, he showcased past investment returns to gain her trust. He mentioned managing funds amounting to Rs 60-70 crore and claimed he needed to reach a Rs 100 crore balance to qualify for a license to conduct independent financial operations. To secure her investment, he assured her that her funds would remain safe and generate high returns.
Persuaded by his claims, the officer transferred Rs 1.9 crore to him between September and December 2023. The advisor reported substantial profits, suggesting her investment had already grown by nearly Rs 75 lakh and would double by August 8, 2024.
However, in January 2024, when the officer requested part of her funds back for a medical emergency and personal expenses, he continually postponed the repayment, citing various delays. Initially, he had encouraged her to move her savings and investments into his scheme, claiming his returns far outpaced traditional fixed deposits, equities, and other savings. She even liquidated her children’s PPF savings to increase her investment with him.
In March 2024, the advisor returned Rs 25 lakh with further promises of settling the rest. Realizing she had been misled, the officer approached Delhi Police for assistance. The authorities are currently investigating the case, though no arrests have been made yet.
