The police said that the accused identified as Gagandeep Singh of Shri Chamkaur Sahib is a Branch Manager of Bank of India, Morinda while the accused Mandeep Singh of Majitha road Amritsar defrauded with the people to invest the amount in ‘Cryptocurrency’ using different investment applications including Bitcoin and E-Dinnar. The police also claimed to have arrested Gagandeep Singh and Mandeep and also recovered Rs 5.5 lakh from Mandeep so far.
Ropar senior superintendent of police (SSP) Akhil Chaudhary said the fraud came to light after victim Gursewak Singh from Morinda lodged a complaint with the Police in May this year that Bank Manager Gagandeep fraudulently transferred money from limit accounts of his father and mother to invest it in Cryptocurrency with the help of Mandeep, who is involved in the deal of the sale and purchase of Cryptocurrency since 2015. Gagandeep also allegedly made a demand draft (DD) worth Rs 8.5 lakhs using the complaint’s limit account to purchase a car for himself, he added.
The police said that complainant claimed to have got his agriculture limits of around Rs 65 lakhs on the name of his father and mother in Bank of India from Branch Manager Gagandeep Singh. On May 25 this year, the police have registered a case under sections 406 and 420 of the Indian Penal Code (IPC), sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act and section 76 of the Chit Fund Act 1982 at Police Station City Morinda.
SSP Chaudhary said that following the preliminary verification of complaint by SP Headquarter Ankur Gupta the police immediately registered the FIR and arrested two members of the gang.
“Gagandeep being a branch manager of Bank of India misused his position and fraudulently transferred money from his clients’ accounts to the accounts of his brother identified as Harkawal Singh, who has been dealing in sale and purchase of cryptocurrency through his company Gain Bitcoin. The money was transferred into other accounts including of Mandeep, Bakhtawar Singh, Baba Deep Singh Communications etc. however it was being investigated if the accounts of Bakhtawar, Baba Deep Singh, etc. were fake or the concerned persons were involved or not”, he said.
“The key accused of this fraud has been identified as Ravinder Dabara, who also hosted a seminar in Hotel Lalit Chandigarh and lured persons to invest in a Russian based E- Dinnar investment company promising them higher interests of at least 20% per month on the principal amount invested and 5% additional referral bonus on new investment. Minimum investment amount to invest in E-Dinnar was 100 dollars. Ravinder Dabara also offered investors a tour to Thailand if they invest 5000 dollars in the company”, said SSP while adding that hunt was on to nab the accused Harkawal Singh and Ravinder Darbara.
He said that the Police are investigating this case from various angles and more such victims, who were defrauded by Gagandeep and his accomplices are expected to come out soon.