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Uttarakhand Police bring back fugitive investment fraud accused from Dubai
Jagdish Punetha, a resident of Silpata in Uttarakhand’s Pithoragarh district, is accused of defrauding several people through fake stock market, commodity investment schemes
Dehradun: Jagdish Punetha, accused in multiple investment fraud cases, was brought back from Dubai to Uttarakhand after years on the run.
The operation was carried out by the state police’s Crime Branch–Criminal Investigation Department (CBCID) in coordination with Interpol, the Central Bureau of Investigation (CBI), and the United Arab Emirates (UAE) authorities on Thursday.
Jagdish, a resident of Silpata in Uttarakhand’s Pithoragarh district, is accused of defrauding several people through fraudulent stock market and commodity investment schemes. “Investigation revealed that Jagdish Punetha and his associates defrauded investors of ₹15.17 crore and amassed movable and immovable assets worth ₹2.22 crore through illegal means,” state police officers said.
He faces charges under the Indian Penal Code (IPC), the Uttar Pradesh Industrial Disputes (UPID) Act, 1947, and the Gangster Act.
Additional director general of police (law and order) V. Murugesan said, “The first case against him came to the surface in 2021 after Pithoragarh resident Liladhar Patni lodged a complaint alleging that Punetha and his associates — Lalit Punetha, Chandra Prakash Punetha, and Pankaj Sharma of Jharkhand — defrauded him of ₹8 lakh by promising high returns through Nirmal Bang Commodity. A case was registered against them at Pithoragarh police station under sections 420, 504, 120B of the IPC and Section 3 of the UPID Act.”
“After the initial investigation, the police arrested Lalit Punetha and Pankaj Sharma and filed a chargesheet. But Jagdish Punetha continued to evade the police, following which attachment proceedings against him were carried out. As he continued to remain absconding, a chargesheet was later filed on July 4, 2024, in the court against Jagdish Punetha,” he added.
Uttarakhand Police had announced a ₹50,000 reward for his arrest in 2022.
“Punetha is named in several cases at the Pithoragarh and Jajardeval police stations for allegedly cheating people in the name of stock market investments through companies such as Nirmal Bang Commodity, Royal Panther Pvt Ltd, and Matarchaya Jewellery Pvt Ltd. He was also booked under the Gangster Act in 2023 for forming an organised gang involved in illegal financial activities,” Murugesan said.
“During our investigation in connection with the 2021 case, it was found that Punetha and his associates defrauded investors of ₹15.17 crore and amassed movable and immovable assets worth ₹2.22 crore through illegal means,” Murugesan added.
Interpol had issued a red notice against Punetha on May 6.
“The Uttarakhand Police then constituted a three-member team, which travelled to Dubai on November 10 and successfully brought the accused back to India on November 13,” Murugesan said, adding that he is being produced in court.
