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Chandigarh: Challan filed against ex-army officer in ₹6-crore investment fraud case
The complaint, filed jointly by Chandigarh residents Colonel Soninder Singh (retd) and three other ex-army officers, had accused Amarjeet Singh Shahi, proprietor of M/s Money Matters Financial Advisors in Mohali, and his associate Laxmi Narayan Shukla of defrauding them
Nearly two years after a former army officer was booked for duping 22 army officers of nearly ₹6 crore, police have filed a chargesheet against him.
The charges against the accused, Amarjeet Singh Shahi, have been filed under Sections 406, 420, 467, 468, 471 and 120-B of the Indian Penal Code.
Shahi, who retired as major from the Madras Regiment, was booked in December 2023.
The complaint, filed jointly by Chandigarh residents Colonel Soninder Singh (retd) and three other ex-army officers, had accused Shahi, proprietor of M/s Money Matters Financial Advisors in Mohali, and his associate Laxmi Narayan Shukla of defrauding them of approximately ₹5.86 crore.
As per the chargesheet, Shukla, the proprietor of M/s PS Money Multipliers in Uttar Pradesh, allegedly colluded with Shahi to lure the latter’s former colleagues into investing by promising high returns.
The accused also executed respective tripartite loan agreements with complainants. A fake balance confirmation ledger showing ₹62.49 crore in a Demat account of Moti Lal Oswal Financial Services Pvt Ltd was among the deceptive documents used to convince the victims.
Scam affected 22 army officials
The scam, allegedly masterminded by Shahi and Shukla, affected 22 army officers, who were promised returns of 3-4% on their investments. Initially, the returns were provided as promised, which helped in building trust, and attracted more investors between 2018 and 2019. However, by August 2022, Shahi claimed his partner’s death and cited a lack of funds, halting the returns.
Shahi, who left the army due to fitness issues, had later joined the Uttar Pradesh 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.
