Schemes, Chit Funds, Returns: Kingpin Of Multistate Investment Scam Arrested In Telangana

Telangana police have arrested the alleged prime accused in a suspected massive investment fraud involving Unique Mercantile India Limited and Unique SMCS. Officials estimate that nearly 10,000 investors across the country may have been affected, though the figure and the total amount involved are yet to be established.

Sixty-nine-year-old Ahmedabad resident Raj Kumar Roy, also known as Raj Kumar Kailash Roy, allegedly served as the managing director and whole-time director of Unique Mercantile India Limited.

In Adilabad district, preliminary questioning has indicated transactions of about Rs 7 crore to Rs 8 crore involving nearly 2,000 members. 

Police said the alleged losses across Telangana could run into hundreds of crores, but stressed that the figures remain provisional.

How These Companies Operated

Police said the companies worked through a network of agents who approached investors with multiple schemes, including chit funds, fixed deposits and monthly or annual payment plans. 

Investors were allegedly promised repayment of their principal with additional returns after the maturity period. Some were reportedly offered plots in developing locations as an added incentive.

"The alleged modus operandi, according to investigators, involved collecting regular instalments and deposits from members through agents. Complaints surfaced after several investors allegedly did not receive their principal, promised returns or plots when the schemes matured," said Superintendent of Police (SP) Akhil Mahajan.

Now the cops are examining whether funds collected in one area were used to meet obligations elsewhere or diverted into property and business investments.

So far, fourteen cases linked to the companies have been identified in Telangana only. 

Scam Spread Across Multiple States

Police have registered cases at Adilabad One Town, Two Town, Mavala, Adilabad Rural and Talamadugu police stations. Complaints and case details from Medak, Nizamabad, Karimnagar and Rajanna Sircilla are also being verified.

Investigators are tracing suspected investments in hotels, land and plots in Hyderabad, Bengaluru, West Bengal, Jaipur and Maharashtra. 

They are verifying claims of about 400 plots in Miyapur and nearly 200 acres near AIIMS Bibinagar, including title documents, ownership patterns and the source of funds.

Chandrasekhar, allegedly a zonal manager of Unique SMCS in Hyderabad, remains at large. Police are examining the roles of agents, company officials and other associates, as well as allegations that money was collected for proposed medical ventures, hotels and overseas employment arrangements.

SP Mahajan urged victims to approach the police with receipts, bank statements, agreements, agent details and other records. "Investors should come forward without hesitation. Their documents will help us identify the network, quantify the losses and trace the money," he said.

Police cautioned the public to verify the registration, financial record and regulatory status of companies before investing in schemes promising unusually high returns.