Kargil war veteran loses Rs 2cr in investment fraud; FIR filed in Gurgaon

Gurgaon: A Kargil war veteran and retired Indian Army colonel and his wife were allegedly cheated of nearly Rs 2.5 crore by a man who lured them into fraudulent investment schemes by promising exceptionally high returns. An FIR has been registered at DLF police station under Section 420 (cheating) of the IPC.The complainant, Colonel Vimal Narang (Retd.), who served in the Indian Army for nearly 35 years, stated that he retired in 2021 and settled in DLF Phase 2 with his wife, Monica Narang. The couple was introduced to the accused, Sagar Raj, through a common acquaintance.
According to the FIR, Raj claimed to be a trader in precious metals and foreign exchange and said he operated a firm, Bulls and Bears Traders Company, with an office at DLF Corporate Greens. He allegedly began visiting the couple regularly and gained their trust by showing screenshots and statements reflecting purported high profits, while promising returns of up to three times the invested amount.The couple made their first investment of Rs 10 lakh in June 2021. Further payments included Rs 50 lakh in July 2022, Rs 5 lakh in Sept 2022, Rs 35 lakh in Dec 2023, and Rs 10 lakh in Feb 2024. The accused allegedly made small initial payments to build credibility.The FIR stated that the largest amount, Rs 1.5 crore, was paid from the proceeds of Monica Narang's property sale after Raj assured the couple that it would grow to Rs 6.75 crore by Aug 2024. Later that year, when the promised returns failed to materialise, the couple realised they had been duped. In April 2023, Raj allegedly induced Colonel Narang to sign an amended partnership deed under the pretext of routine formalities, making him a partner in the firm without his informed consent. He later used the colonel's name on visiting cards to attract more investors, the complaint said. The complainant disengaged himself from the firm on May 17, 2024.The complainant also alleged that the accused frequently travelled to Dubai and was later found to be involved in multiple fraud cases. According to the FIR, Raj was arrested by the Dubai Police and is currently lodged in a prison there.Police said financial records are being examined, and further investigation is underway. An officer said the case has been forwarded to the Economic Offences Wing-1 for a detailed probe.Colonel Narang has stated that any documents or representations bearing his name without his authorisation should be treated as forged, as they were allegedly used to mislead other investors.