Police in Dehradun on Wednesday arrested Jagmohan Singh Chauhan, the main accused in a massive multi-crore investment scam involving over Rs47 crore. More than 1,000 investors were reportedly duped through fraudulent high-return deposit schemes.
Jagmohan, 55, is the founder of Micro Finance India Association Company, which lured unsuspecting investors with promises of high returns on recurring deposits (RD), fixed deposits (FD), and daily deposit schemes (DDS). Once significant sums were collected, the company abruptly ceased operations, and Chauhan disappeared.
Acting on numerous complaints, police registered a case on October 2 at the Nehru Colony police station under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, the Uttarakhand Protection of Depositors’ Interest Act, and relevant sections of the Bharatiya Nyaya Sanhita (316(2), 318(4), and 61(2)).
During the probe, it was revealed that Jagmohan operated from an office in Saraswati Vihar, Nehru Colony, with his wife Neelam Chauhan acting as company director. He personally handled all financial transactions. After sustained surveillance and intelligence efforts, police arrested him from E-Block, Saraswati Vihar, though he is originally from Satan Gaja, Narendra Nagar, Tehri Garhwal.
SSP Ajai Singh stated that all bank accounts linked to the company have been frozen and that further legal action will be taken against all individuals involved. He warned citizens to verify any company’s credentials before investing and assured strict action against financial fraud.
