‘55-day money doubling’ scam busted in Lucknow, two booked

Victim allegedly lost ₹1.71 lakh after investing in fake scheme; ₹1.05 lakh frozen in mule accounts during probe, police identify the accused as Deepak Tiwari and Manoj Kumar Mishra

LUCKNOW The Lucknow Police Commissionerate’s cyber cell uncovered an alleged investment fraud in which people were lured with promises of doubling their money in 55 days through a fake scheme operated under the name ‘BG Wealth’. Two men were on Friday booked for allegedly cheating investors and threatening those who demanded refunds.

Police said the accused also organised seminars and distributed promotional pamphlets to attract more investors. When investors sought to withdraw their money, they were allegedly asked to pay additional charges in the name of taxes and threatened if they continued to demand refunds. (Pic for representation)

The action was carried out under Operation Cy-Vajra by the cyber cell of the east zone and the Ghazipur police station following a complaint filed on the National Cyber Crime Reporting Portal (NCRP).

According to police, the case came to light after Lakshmi Pandey, a resident of Harihar Nagar in Kamta, lodged a complaint on July 14 alleging that her husband had been persuaded by the accused to invest in the scheme. The family allegedly invested ₹1.50 lakh and later paid an additional ₹21,420 after being told that a 12% tax was required to redeem the investment. Despite the payment, the money was not returned.

During the investigation, police identified the accused as Deepak Tiwari and Manoj Kumar Mishra. Investigators alleged that the duo operated a multi-level investment scam by promising returns within 55 days. Investors were reportedly added to a WhatsApp group named ‘BG Wealth’, where misleading investment updates and promotional messages were circulated to gain their confidence.

Police said the accused also organised seminars and distributed promotional pamphlets to attract more investors. When investors sought to withdraw their money, they were allegedly asked to pay additional charges in the name of taxes and threatened if they continued to demand refunds.

Based on the complaint, an FIR was registered at Ghazipur police station under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) relating to cheating, criminal intimidation and other offences.

During questioning, police recovered mobile phones, WhatsApp chats, promotional material, seminar photographs and other digital evidence from the accused. Further technical investigation is underway to identify other victims and establish the scale of the alleged fraud.

Police said as part of the NCRP investigation, around ₹1.05 lakh was successfully frozen in mule bank accounts. Criminal antecedents of the accused were also being verified with other districts.

Officials advised public not to invest in schemes promising unusually high or guaranteed returns and to verify the authenticity of investment platforms before transferring money.