SaralnamaA B.Com graduate from UP scammed 50,000 people across several states of ₹123 crore. He started a fake beauty product investment company in 2022, promising 2.5 times returns in 16 months. The scammer and his team collected money from investors in Uttarakhand, UP, Delhi, and other areas. They invested the funds in cryptocurrency, which crashed in, losing ₹95 crore. The company stopped paying returns and closed offices. Police arrested the director and two others, recovering ₹8 crore worth of beauty products. Victims included those who sold assets to invest. The scammers bought luxury cars and properties with the fraudulent gains. (Updated 24 Oct 2025, 07:34 IST; source: link)
Key Points
- A B.Com graduate from UP scammed 50,000 people across several states of ₹123 crore
- He started a fake beauty product investment company in 2022, promising 2.5 times returns in 16 months
- The scammer and his team collected money from investors in Uttarakhand, UP, Delhi, and other areas