IAS Son Duped in Rs 13 Cr Pharma Investment Scam in Lucknow

These cases collectively indicate a recurring pattern involving fake companies, misleading investment proposals, and structured corporate-style deception to exploit victims.

In one incident, traders operating in the Naka Market area were reportedly cheated of nearly ₹50 lakh. The accused, identified as Kanaram Manaram Choudhary and Dheeraj Khemram from Rajasthan, had set up a computer trading business and gradually built trust among local shopkeepers. After procuring computer goods on credit from approximately 35 traders, they abruptly shut down their establishment and absconded without settling payments. A formal complaint has since been lodged by the affected parties. In another case, an SSB Sub-Inspector, Dinesh Kumar Mishra, alleged that he was defrauded of around ₹10 lakh by a real estate firm, MG Builder Developers, located in Vibhuti Khand.

According to him, he entered into a property deal in 2015 and completed full payment between 2015 and 2019, but the plot was never registered in his name despite repeated follow-ups.

The most prominent case pertains to a large-scale financial fraud in Vibhuti Khand-6, where Krishna Pratap Singh was allegedly cheated of over ₹13 crore. As per the complaint, the accused posed as directors of companies, including Apex India Consortium Private Limited, and enticed the victim with an offer of a 50% stake in a pharmaceutical business. Funds were reportedly collected between 2022 and 2024 in multiple instalments under the pretext of distribution rights, licensing arrangements, and business expansion. To reinforce credibility, the accused allegedly issued cheques and executed agreements promising repayment through RTGS, which never materialised. It was further claimed that they assured the appointment of Singh’s father, retired IAS officer Rajendra Singh, as chairman of the company, based on which an additional ₹2.58 crore was extracted. When the victim sought repayment, he was allegedly threatened, with the accused claiming connections to criminal elements.

The420.in reports that these developments point towards a structured pattern of deception.

These incidents have raised concerns among investigators that the matter may be part of a broader organised financial fraud network involving fabricated corporate identities and structured investment schemes. Experts note that such scams often follow a systematic pattern—first establishing trust, then luring victims with lucrative business opportunities and high returns, and eventually diverting large sums of money. With the increasing scale of digital and financial transactions, such fraudulent activities are becoming more sophisticated and frequent. Authorities are currently probing all related cases, scrutinising financial records, company documentation, and the role of individuals involved, while also emphasising the need for stronger verification mechanisms and heightened public awareness to prevent such crimes in the future.