A financial fraud by a couple involving multiple victims and organised criminal activity has come to light in Panchkula. The police have filed an FIR against the couple, Sangeeta Dua and Nitin Dua, residents of Sector 8.
The couple, who are alleged masterminds behind the scam, are accused of defrauding investors of over Rs 16 crore through a complex real estate and financial scheme, as per the FIR registered in Sector 7 police station.
According to the police complaint filed by Kuldeep Arora and Sumit Kumar, the accused allegedly lured innocent investors by promising lucrative returns on investments in non-performing assets (NPA) properties from a bank in Panchkula and Karnal. They allegedly promised to purchase these distressed properties at a lower price, flip them for profit, and distribute the returns among investors.
However, the victims claim that after initially receiving partial returns to build trust, the accused stopped refunding the invested amounts.The investigation revealed that the accused used their alleged connections with bank officials to identify properties owned by borrowers in default. They then pressured these borrowers into selling their properties at far below market prices, exploiting their financial vulnerability. In turn, the accused made significant profits by flipping these properties at fair market value, pocketing the difference, the FIR says.
The accused allegedly used investors’ money to purchase luxury properties, including a new kothi in Chandigarh’s Sector 35A. The complainants further allege that the couple used their political connections to intimidate and threaten them, making it difficult for the victims to recover their money.
Investigators are probing potential connections within a bank, particularly its employees, for their role in leaking sensitive information about NPAs and helping the accused manipulate property deals. A case under sections 316(2), 318(4), 338, 336(3), 340(2), 351(2), 61(2) of the BNS has been registered in Sector 7 police station. The investigation continues, and police are urging anyone who has fallen victim to similar scams to come forward with information.
