Gurgaon: A city-based businessman has accused his long-time friend of cheating him and several others of over Rs 2.7 crore on the pretext of offering high returns through online trading investments.
An FIR was registered on Wednesday under Section 420 (cheating) of the IPC at DLF Sector 29 police station after the complainant, a resident of Sushant Lok 1, alleged that around 11 to 12 other people also invested money through Davinder Verma. Police said the case has now been transferred to the economic offences wing.
The complainant received about Rs 20 lakh as returns. He alleged that Verma switched off his phone and vacated his residence after promising to repay the amount by Dec 15, 2025.
The complainant alleged that he met Verma, a resident of the same locality, around 2011-12 through a common friend and their friendship grew over the years. Verma was earlier associated with an ayurvedic products business under the name "Udaan", the complaint alleged.
In 2022, Verma told the complainant that he shifted to online trading after completing professional courses and was earning substantial profits. "He claimed to be working with a firm named Finowiz Limited and assured returns of 20-30% on investments. Trusting him, I transferred Rs 5 lakh from my brother's bank account and initially received monthly returns," the complaint read.
Later, Verma said Finowiz shut down after cheating investors and promised to return the invested amount with profits. "He then introduced another firm, Entice Capital, claiming that an investment of $15,000 would fetch foreign tours and attractive gains," it added. The complainant and his acquaintances invested around Rs 1.5 crore in various schemes linked to the company.
For nearly a year, returns were credited for six to seven months before payments stopped. When questioned, Verma cited disputes with his business partner and sought more time. Believing his assurances, the complainant transferred additional amounts — Rs 50 lakh on Oct 4, 2024, Rs 50 lakh on Oct 8, 2024, Rs 53.5 lakh on Nov 12, 2024 and later Rs 70 lakh into Verma's account and Rs 50 lakh into his wife's account in June 2025.
Samad Hoque is a crime reporter with The Times of India, with a k...
Read MoreSamad Hoque is a crime reporter with The Times of India, with a keen interest in the intersections of politics and public life. He has previously worked for The Tribune newspaper in Delhi.
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