A lookout notice has been issued against Ravi Kumar Jain, one of the directors of DG Mudhra Connect, who is accused of defrauding investors of a staggering Rs1.77 crore. The notice was issued by the Special Task Force (STF) after it was revealed that the fraudster had fled the city.
The scam unfolded when Prakash Chand Jain and Ravi Kumar Jain, both residents of Jaipur, opened an office in Bhopal under the name of DG Mudhra Connect. They promised investors high returns, claiming they could double their money in a short period. They successfully managed to collect Rs1.77 crore from investors who trusted their promises. However, when the time came to return the money along with the promised returns, the two directors fled, leaving their investors in financial distress.
Following the complaints registered by investors, a case was filed against the firm and its directors in August. While Prakash Chand Jain was arrested by STF sleuths last month, Ravi Kumar Jain managed to escape. Authorities suspect that Ravi Kumar Jain may have fled to a foreign country, prompting the Special Task Force (STF) to seek assistance from the Bureau of Immigration in New Delhi. As a result, the bureau has issued a lookout notice for Ravi, which will allow authorities to arrest him if he attempts to leave the country.
This investment scam highlights the growing trend of fraudulent schemes that prey on unsuspecting individuals promising unrealistic returns. Authorities are working to bring the accused to justice and protect future investors from similar scams.