INVC NEWS
New Delhi : In the bustling Kotwali area of the capital city, a case of breach of trust has surfaced against a prominent trader from Sadar Bazaar. This unscrupulous trader, promising high returns on gold investments, swindled over 12.5 million rupees. According to Kotwali police, the fraudulent activities occurred between July 2021 and September 2023.
The Deception Unfolds
Deepak Sadashiv Dhoble, a resident of Sector 4, Kamal Vihar, lured Aditya Soni, who lives in Maruti Residency, Amlidih, into investing in gold. The two met at Shri Ganesh Refinery in Sadar Bazaar, where Deepak introduced the attractive investment offer. Seeing potential benefits, Aditya invested 1,700 grams of gold and 36 kilograms of silver, totaling ₹12,649,500.
Deepak, known for refining gold and silver in Sadar Bazaar, had previously interacted with Aditya for jewelry-related business. During one of Aditya’s visits to his shop, Deepak suggested that he could earn substantial returns by investing any gold or jewelry he had at home. Enticed by the promise of monthly dividends, Aditya handed over some ancestral jewelry to Deepak.
The Fraudulent Scheme
Initially, Deepak adhered to his promise, providing monthly returns on the gold investments. Similarly, he enticed another victim, Dharmendra Soni, acquiring 800 grams of gold through RTGS, cash, and jewelry. Deepak assured him that the gold would be used for market trading, offering regular dividends as well.
However, Deepak’s scheme began to unravel. As months passed, he ceased paying dividends and avoided returning the invested jewelry. When Aditya demanded his gold back, Deepak delayed, promising to return it in installments. This continued for ten months until Aditya realized the gravity of the situation and lodged a formal complaint.
Police Investigation and Legal Proceedings
The Kotwali police have registered a case against Deepak Sadashiv Dhoble under charges of breach of trust and fraud. The investigation is ongoing, and authorities are gathering evidence to build a strong case against him. Victims like Aditya and Dharmendra hope for justice and the return of their valuable assets.
The Mechanics of Investment Fraud
Investment fraud, particularly involving gold, often follows a common pattern. Perpetrators exploit the victim’s desire for high returns on their investments, using persuasive tactics to gain their trust. Initially, they may honor their promises to establish credibility, but eventually, they default on payments and abscond with the assets.
Warning Signs of Investment Fraud:
- Unrealistic Promises: Fraudsters often lure victims with promises of unusually high returns, far exceeding market norms.
- Pressure Tactics: They may pressure victims to act quickly, creating a false sense of urgency.
- Complex Schemes: The schemes are often complicated, making it difficult for victims to fully understand the investment mechanics.
- Lack of Documentation: Fraudsters might avoid providing proper documentation or contracts, leaving victims without a legal recourse.
Protecting Yourself Against Investment Fraud
To safeguard against such fraudulent schemes, it’s crucial to take precautionary measures:
- Conduct Thorough Research: Before investing, thoroughly research the investment opportunity, the individual offering it, and their business history.
- Verify Credentials: Check the credentials and reputation of the individual or company. Look for reviews, complaints, or legal actions against them.
- Demand Documentation: Insist on detailed documentation and contracts outlining the terms of the investment, returns, and exit strategy.
- Consult Professionals: Seek advice from financial advisors or legal professionals to evaluate the legitimacy of the investment.
- Beware of Pressure Tactics: Be wary of high-pressure sales tactics urging you to invest immediately without adequate time for consideration.
- Stay Informed: Keep abreast of common fraud schemes and tactics to recognize warning signs early.
The Emotional and Financial Impact on Victims
Investment fraud can have devastating emotional and financial impacts on victims. The loss of hard-earned money or valuable assets can lead to significant financial strain, affecting the victim’s ability to meet their financial obligations. Emotionally, victims often experience feelings of betrayal, stress, and anxiety, impacting their overall well-being.
Steps to Recover from Investment Fraud:
- Report the Fraud: Immediately report the fraud to authorities and provide all relevant information and documentation.
- Seek Legal Assistance: Engage a lawyer to explore legal avenues for recovering lost assets.
- Notify Financial Institutions: Inform banks and financial institutions about the fraud to prevent further unauthorized transactions.
- Join Support Groups: Connect with support groups or forums for fraud victims to share experiences and gain emotional support.
- Focus on Recovery: Develop a financial recovery plan and seek professional advice to rebuild your financial health.
