Bizmen urge CM to order ‘no bail’ for accused in ₹500-cr fraud

Lucknow: A massive alleged fraud of over ₹500 crore targeting more than 200 businessmen across multiple states came to light on Saturday, as victims held a press conference in Hazratganj, accusing a Mumbai-based operator of duping investors in the name of a popular brand franchise.

Gorakhpur police had arrested Kashif Khan (49), Naveen Ahuja (33) and Krishna Shah (27) from Mumbai on April 3. Businessmen from Lucknow, Delhi, Mumbai, Gujarat and Rajasthan claimed they were lured into investing large sums with promises of lucrative franchise deals. The main accused, Kashif Khan, allegedly projected himself as a key figure linked to the brand and used high-profile references, including Shilpa Shetty and Raj Kundra, to gain credibility.

Lucknow-based trader Manoj Agarwal alleged he invested over ₹39 lakh between 2022 and 2023 but received dubious agreements and no returns. Similar accounts were shared by other victims, including Delhi’s Vikas Bansal and Mumbai’s Rajesh Talwani, who claimed losses running into crores.

Victims said the network has been active for 12-14 years, targeting small and mid-level entrepreneurs, many of whom are now in debt. FIRs have been registered in multiple states.

The victims have urged chief minister Yogi Adityanath to order a high-level probe, seize the accused’s passport and ensure he is denied bail, fearing he may flee the country.
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