ACCUSED HAD BEEN ADVOCATE AND WAS RUNNING PONZI SCHEME,  PARTNER OF TRADECOP PORTFOLIO LLP WHERE MONEY WAS ROUTED FROM DIFFERENT COMPANIES, THERE ARE MULTIPLE CASES REGISTERED AGAINST THE ACCUSED PERSONS IN HARYANA AND UTTRAKHAND.

A joint complaint was made by Sh. Gaurav Goyal and others that accused persons launched their investment scheme that they will share 8% fixed monthly returns on the investment done by the investors. Wherein 4% interest was to be paid and remaining 4% from the invested amount. This way complainants were promised to get double of their investment in 25 months.

The investments were taken from public at large in companies namely Trade Cops Pvt. Ltd., Tradecop Financial Services etc. Accused persons misrepresented and induced that accused persons have collectively designed in-house algorithms in financial market and can generate more than 20% monthly returns. Initially accused persons continued to give returns for few months and stopped thereafter. Accused persons disappeared and did not refund the money of the complainant. After preliminary enquiry A Case vide FIR No 19/25 dt 11.02.25 U/s 316(2), 316(5), 318(4), 61(2) BNS was registered and investigation was taken up by EOW. Till date 56 complainants have lodged complaints with EOW totaling amount to 2.5 crore (approx). During investigation section 3/21 of BUDS act have also been added.

INVESTIGATION:Amrutha Guguloth, IPS, Additional Commissioner of Police, EOW, said, the investigation has revealed that funds from public at large were obtained on pretext of offering fixed higher returns by investing in the share market on the basis of the algorithm-based trading. The alleged have cheated around 200 persons to the tune of Rs 100 crore.

Amrutha Guguloth, IPS, Additional Commissioner of Police, EOW, said, the investigation has revealed that funds from public at large were obtained on pretext of offering fixed higher returns by investing in the share market on the basis of the algorithm-based trading. The alleged have cheated around 200 persons to the tune of Rs 100 crore.During investigations the details of these companies in which the investors have deposited money has been collected. Analysis of the same revealed that amount has been transferred to one Tradecop Portfolio LLP. 

However, SEBI vide its circular No.SEBI/HO/MIRSD/DOP/P/CIR/2022/117 September 02, 2022 has categorically barred this scheme. Investigation revealed the diversion of funds in different companies and misappropriation of the funds.

MODUS OPERANDI: Accused person created a firm and a company and raised investment from public at large by offering higher fixed returns of 4% per month.
Accused persons adopted ‘rob Peter to pay Paul’ strategy as they were giving returns to the old members from the money obtained from the new members.
The funds of the firm and companies were diverted into different companies and misappropriated.

ARREST: In this case accused Sanjay S/o Om Prakash R/o 1123/23, Multani Mohalla, Geeta Colony Delhi-110031, Age: 36 years has been arrested. Role of other accused persons is under probe.

OTHER CASES: 4 other cases registered against the accused persons in this matter. FIR NO 521/24, IFSO, PS Special Cell. FIR No 69/25, PS Krishna Gate, Kurukshetra, Haryana, IR No 488/24, PS Jagadhari, Yamunanagr, Haryana, FIR No 299/24, PS Raipur, Dehradun .Accused Sanjay was found running in Karnal Jail in a similar case.

KNOW THE ACCUSED:  Sanjay is a graduate through correspondence from Delhi University. He also completed his LLB from CCS University, Meerut. He also practiced as advocate in Karkardooma Court for 02 years. He started work with co-accused Deepak Thakur, who is mastermind in this case and also an advocate. Sanjay also has his wife and two minor sons in his family. His wife is also an accused in the case and absconding.

Further investigation in progress