Uttarakhand: The claim of doubling money in two years was fraudulent; the scam was exposed by a raid conducted by IAS officer Deepak Rawat

A major scam involving the defrauding of people of Rs 39 crore in the name of investment has come to light in Haldwani. Following this, Kumaon Commissioner IAS Deepak Rawat raided the office of an investment company named GMFX Global Limited located in Dahariya and exposed the scam.

Fraud in the name of investment
The matter came to light when a resident of Kusumkheda complained to the commissioner that the company’s CEO had defrauded him in the name of investment and was now refusing to return the money. Taking the complaint seriously, Commissioner Deepak Rawat summoned the CEO, but upon receiving an unsatisfactory response, the administrative team raided the company’s office in Satlok Colony Phase-6. The situation became even more serious during the raid when about 10 to 11 other investors also arrived at the office and appealed to the commissioner for immediate action, demanding the return of their invested capital.

Rs 39 crore collected from 8,000 people
The investigation revealed that the company had collected approximately Rs 39 crore from about 8,000 people by luring them with the promise of doubling their money in 25 months. Shockingly, it was found that only Rs 42,455 remained in the company’s IDFC Bank account and approximately Rs 50,000 in its HDFC Bank account. The commissioner stated that CEO Bimal Rawat himself admitted that instead of investing the investors’ money in the company, it was used to purchase land at two locations for personal gain. He also admitted that the company owes money to approximately 3900 investors.

Every single penny of the public will be returned: IAS
The investigation also revealed that incentives were given to intermediaries for raising investments, which points towards a multi-level marketing or pyramid scheme. Commissioner Deepak Rawat clarified that this case involves violations of the Companies Act, misuse of investors’ funds, and organized financial fraud, on which swift legal action will be taken. He categorically stated that every single penny of the public will be returned.