A former army officer, also dismissed from the Uttar Pradesh Police force, is facing allegations of duping 20 army officers, including brigadiers, colonels, lieutenant colonels, captains and commanders, of a total of ₹8 crore.
These officers had entrusted their money to the accused, Amarjeet Singh Shahi, who retired as major from the Madras Regiment, for investment in a private firm.
Holding a press conference at the Chandigarh Press Club, the victims, 12 of whom are the accused’s batchmates, exposed the financial fraud.
Brigadier PM Ahluwalia (retd) explained that Shahi lured his colleagues, claiming ownership of an investment firm in Kanpur and promising high returns of 3% to 4%. He provided fabricated statements showing significant balance in the account, which later turned out to be fake.
Brigadier Ahluwalia clarified that Shahi received funds into a joint account with his wife, with an obligation to transfer the amount to the private investment firm’s account within two days, as per the agreement. Initially providing satisfactory returns, Shahi gained trust, prompting more investors to join in 2018-19.
In August 2022, Shahi informed colleagues about his partner’s death and claimed a lack of funds in the investment firm’s account. The victims allege Shahi used their money to purchase property in Chandigarh. After eight months of negotiations, the army veterans filed complaints with the Chandigarh Police’s economic offences wing in April and June 2023.
{{/usCountry}}In August 2022, Shahi informed colleagues about his partner’s death and claimed a lack of funds in the investment firm’s account. The victims allege Shahi used their money to purchase property in Chandigarh. After eight months of negotiations, the army veterans filed complaints with the Chandigarh Police’s economic offences wing in April and June 2023.
{{/usCountry}}A navy officer, requesting anonymity, revealed investing ₹30 lakh in good faith after meeting Shahi at a club. Major Pardeep Bharti, a batchmate, invested ₹10 lakh and his serving army officer son invested ₹55 lakh.
Shahi, who had to leave the army due to fitness issues, later joined the UP Police as a DSP. In August 2014, he was awarded 10-year jail sentence by a Kanpur court for raping a minor Dalit girl, but was released on bail after he challenged the decision in a higher court.
Denying the allegations, Shahi, who lives in Chandigarh, “Their claims are false; I am not responsible for any funds, as clearly stated in the agreement. They are tarnishing my reputation and I intend to take legal action against them.”
Superintendent of police (EOW) Ketan Bansal stated they were actively examining the case and will file an FIR if any criminal activity was identified.