E-Paper
Chandigarh: Ex-army officer booked for duping veterans of ₹8 crore
The accused, Amarjeet Singh Shahi, who retired as major from the Madras Regiment, is the proprietor of M/s Money Matter Financial Advisor, having an office in Mohali
Probing into the allegations against a former army officer, also dismissed from the Uttar Pradesh Police force, of duping 22 army officers of a total of ₹8 crore, police have registered a cheating case against him and his aide.
The accused, Amarjeet Singh Shahi, who retired as major from the Madras Regiment, is the proprietor of M/s Money Matter Financial Advisor, having an office in Mohali.
The other accused is Laxmi Narayan Shukla, a native of Uttar Pradesh. They are accused of duping 22 army officers of ₹8 crore given to them for investment in his firm.
Brigadier PM Ahluwalia (retd) alleged 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.
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 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.
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.
