Over Rs 3cr lost for lure of ‘big return on investment’

Chandigarh: A case has been registered against two individuals for allegedly cheating “investors” of approximately Rs 3.6 crore. They allegedly lured victims to invest in a company named “Atalia Traders Private Limited” on the promise of high returns.

The accused allegedly assured a monthly profit of 3% and an annual return of 36% but later failed to deliver promised profits or return the principal amount.

Investigation was conducted by Punjab Bureau of Investigation (PBI). Punjab State Crime Police Station, Mohali registered a case against Hoshiarpur residents Gurpreet Singh Sachdeva and Harjinder Singh Bains on a complaint filed by Hoshiarpur resident Taranjit Singh Bhalla and several others.

According to the complaint, the accused collected investments through cheques, RTGS transfers and cash payments between 2021 and 2023. The accused allegedly said that their company was recognised and authorised by the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI), assuring investors that their funds were completely safe.

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 Nov 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.

Inspector Renu Sahu of the State Crime Police said preliminary investigations confirmed the involvement of the two accused. During 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.Get the latest lifestyle updates on Times of India, along with Bakrid wishes, messages and eid 2026