Real estate bizman duped of Rs 10 crore on investment pretext; 2 booked

Lucknow: A real estate businessman has accused two bullion traders of cheating him of Rs 10 crore on the pretext of business investment. Acting on the directions of the Police Commissioner, Chowk police registered an FIR.

The complainant, Hamza Siraj, a resident of the Cantonment area and engaged in construction work, alleged that he was duped by two brothers, Amar Singh and Ranjeet, who operate a bullion firm in the Chowk Sarrafa market under the name Bahubali Bullion and Jewellers Private Limited.

According to Siraj, he was introduced to the accused around two years ago by a friend, RC Tiwari. The accused allegedly persuaded him to invest in their business expansion, promising a monthly return of 3%.

Trusting their claims, Siraj transferred Rs 10 crore to the firm’s bank account on June 24, 2024.

He further stated that instead of returning the money or providing the promised returns, the accused later claimed that Rs 7.40 crore was invested in gold, while the remaining Rs 2.60 crore would be returned. A formal agreement regarding the investment was reportedly executed on July 15, 2024, with a validity period extending until Oct 2025.

However, Siraj alleged that neither the promised profits were paid nor the principal amount returned. He also claimed that even the assured Rs 2.60 crore was not repaid despite repeated demands.

After facing continuous delays and evasive responses from the accused, Siraj approached the Police Commissioner seeking action. Following a preliminary inquiry, police found prima facie evidence supporting the allegations and registered a case.

Inspector Chowk Nagesh Upadhyay said that both parties are being called for questioning and statements are being recorded. He added that further legal action will be taken based on evidence collected during the investigation.
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