The case has been registered at Pandri police station following a complaint filed by Amit Das, a government employee. According to the police, the accused has been identified as Kuldeep Bhatpahri, a resident of Devpuri, who allegedly convinced the victim to invest in the stock market by assuring substantial profits and regular interest payments.
Police said the fraud took place over multiple transactions spread across seven instalments. Das and his brother, Rohit Das, transferred the money into different bank accounts provided by the accused. Initially, Kuldeep reportedly paid returns for a brief period to gain the confidence of the victims. However, from 2024 onwards, he stopped all payments, switched off his mobile phone and disappeared.
“The complainant stated that he invested the money between 2021 and 2022 after being assured of high returns. The accused later became untraceable,” a police officer involved in the investigation said.
Preliminary inquiries have revealed that the accused may have used a similar modus operandi to cheat several others. Investigators suspect that 30 to 40 people from Raipur and nearby areas were targeted with the same promise of lucrative investment returns. Police are currently verifying the number of victims and the total amount involved.
An FIR was registered on January 16 under relevant sections of the Indian Penal Code related to cheating and criminal breach of trust. Pandri police have initiated a search operation to trace the accused and are examining bank records to track the flow of funds.
Officials said notices may be issued to financial institutions, and digital evidence, including transaction details and communication records, is being analysed. Police have also urged potential victims who may have invested money with the accused to come forward and record their statements.
“This appears to be a well-planned fraud. We are looking into the financial trail and gathering information about other possible victims,” a senior officer said.
The case has once again raised concerns over unregulated investment schemes and individuals posing as financial advisors without authorisation. Police have advised citizens to verify credentials and avoid transferring large sums of money based solely on verbal assurances.
The investigation is ongoing, and further action will be taken as more details emerge.
