IAS officer falls victim to investment scam; loses over Rs 1 crore

An IAS officer has reported to the police that she was cheated by an alleged investment expert who promised high returns after taking over Rs 1 crore from her, reported TOI. The case was filed at Tilak Marg police station, and the victim is a resident of Maharashtra.

According to a senior officer, an investigation is currently underway, though no arrests have been made so far.

The IAS officer’s complaint states that she was introduced to the accused through a relative in Gurgaon last year. During the introduction, the person claimed to be a professional financial market expert specialising in currency trading and assured her of generating high profits, noted the TOI report. The accused further showed her his laptop, displaying impressive returns made for other investors and close friends.

“During the introduction, the person mentioned that he was a professional expert in financial market investments and that he generated high profits with expertise in currency trading,” the officer told police in her complaint.

The accused told the officer that he was managing investments worth Rs 60-70 crore and needed to increase his balance to Rs 100 crore in order to obtain an independent business license. He persuaded her to lend him her funds, promising substantial returns in return, noted TOI.

The officer expressed her concerns, stressing that she didn’t want to risk her hard-earned savings or get involved in anything illegal. However, the accused assured her that the investment was safe.

Between September and December 2023, the officer transferred Rs 1.9 crore to him. He claimed that he had already earned Rs 75 lakh in profits from her funds and promised that her investment would double by August 8.

In January 2024, when the officer asked for part of her money due to a medical emergency, the accused continued to delay payments, offering false assurances and extending deadlines. He even convinced her to liquidate her stocks and savings, including her children’s PPF (Public Provident Fund), by comparing his investment returns with the negative growth in other financial instruments.

In March 2024, the accused returned Rs 25 lakh but promised to pay the remaining amount soon. It was only later that the officer realised she had been duped and filed a complaint with the Delhi Police.