Rs 8 crore investment scam: Patiala police lodge FIR based on former Punjab IG Amar Chahal’s note; 25 bank accounts frozen

Before attempting suicide at his Patiala residence, the retired officer had written a two-page letter addressed to Prime Minister Narendra Modi, Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, seeking justice and action against the cyber fraudsters. He had also penned a detailed 12-page note to Punjab Director General of Police (DGP) Gaurav Yadav, alleging large-scale cheating by cyber criminals posing as wealth management advisors through a WhatsApp group titled ‘F777 DBS Wealth Equity Research Group’.The cyber cell of the Patiala police registered a First Information Report (FIR) late on Tuesday against unknown individuals for allegedly cheating retired Punjab Police inspector general (IG) Amar Singh Chahal, 67, of Rs 8.1 crore through an online investment scam. Chahal, who attempted suicide on Monday, has undergone two surgeries and is currently said to be stable at Park Hospital in Patiala.

Palwinder Singh Cheema, Superintendent of Police (SP), Patiala, said, “An FIR has been lodged by the cyber cell invoking sections related to cheating, forgery, IT Act and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS), as per the contents of the note written by the retired officer. The case is being investigated from multiple angles.” The FIR was filed based on a complaint filed by Chahal’s wife.

Before attempting suicide at his Patiala residence, the retired officer had written a two-page letter addressed to Prime Minister Narendra Modi, Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, seeking justice and action against the cyber fraudsters. He had also penned a detailed 12-page note to Punjab Director General of Police (DGP) Gaurav Yadav, alleging large-scale cheating by cyber criminals posing as wealth management advisors through a WhatsApp group titled ‘F777 DBS Wealth Equity Research Group’.

Bank accounts identified from documents

According to police sources, at least 25 bank accounts linked to the suspected fraud have been frozen. These accounts were identified from documents provided by Chahal, which showed transactions made by several investors, including himself. “The money trail is being thoroughly examined,” sources said.

In his note, Chahal stated that he had invested a total of Rs 8.1 crore, of which Rs 1 crore was his own money, while the remaining Rs 7 crore was borrowed from friends and relatives.

The situation worsened in the first week of December when Chahal attempted to withdraw Rs 5 crore from his principal investment. He was allegedly told that his profit for November alone amounted to Rs 52 crore and that he would need to deposit additional amounts, including Rs 2.25 crore as service tax and tax on profits, Rs 2.20 crore as premium membership fees, and Rs 10 lakh as a bribe to expedite the fund transfer.

Despite making these payments, no money was transferred to him. As per the note, Chahal got in touch with the WhatsApp group on October 28, and investigators are also focusing on how a profit of Rs 52 crore can be earned within such a short span of time.

Probe to focus on phone numbers, digital footprints

Asked about the names mentioned by Chahal in his note, including individuals who allegedly advised him to invest and encouraged further deposits, the police said the investigation would focus on the phone numbers and digital footprints linked to the WhatsApp groups. “We need to verify whether the identities used were genuine or fake. This is a deep and technical investigation, and our teams are working on it,” SP Cheema said.

Chahal had also mentioned a person who claimed to be the CEO of a reputed Singapore-based bank. The police are investigating whether the individual was impersonating the CEO or if the identity is genuine.

Police sources added that the scam appears to involve several other investors, and further details are likely to emerge as the investigation progresses.

Bank accounts identified from documents

According to police sources, at least 25 bank accounts linked to the suspected fraud have been frozen. These accounts were identified from documents provided by Chahal, which showed transactions made by several investors, including himself. “The money trail is being thoroughly examined,” sources said.

In his note, Chahal stated that he had invested a total of Rs 8.1 crore, of which Rs 1 crore was his own money, while the remaining Rs 7 crore was borrowed from friends and relatives.

The situation worsened in the first week of December when Chahal attempted to withdraw Rs 5 crore from his principal investment. He was allegedly told that his profit for November alone amounted to Rs 52 crore and that he would need to deposit additional amounts, including Rs 2.25 crore as service tax and tax on profits, Rs 2.20 crore as premium membership fees, and Rs 10 lakh as a bribe to expedite the fund transfer.

Despite making these payments, no money was transferred to him. As per the note, Chahal got in touch with the WhatsApp group on October 28, and investigators are also focusing on how a profit of Rs 52 crore can be earned within such a short span of time.

Probe to focus on phone numbers, digital footprints

Asked about the names mentioned by Chahal in his note, including individuals who allegedly advised him to invest and encouraged further deposits, the police said the investigation would focus on the phone numbers and digital footprints linked to the WhatsApp groups. “We need to verify whether the identities used were genuine or fake. This is a deep and technical investigation, and our teams are working on it,” SP Cheema said.

Chahal had also mentioned a person who claimed to be the CEO of a reputed Singapore-based bank. The police are investigating whether the individual was impersonating the CEO or if the identity is genuine.

Police sources added that the scam appears to involve several other investors, and further details are likely to emerge as the investigation progresses.