A former army officer and dismissed member of the Uttar Pradesh Police force, Amarjeet Singh Shahi, is facing accusations from 20 army officers, including brigadiers, colonels, lieutenant colonels, captains, and commanders, for allegedly defrauding them of a total of ₹8 crore. The officers had entrusted their money to Shahi, a retired major from the Madras Regiment, for investment in a private firm. The victims, including 12 of Shahi’s batchmates, held a press conference at the Chandigarh Press Club to expose the financial fraud.
Brigadier PM Ahluwalia (retd) explained that Shahi enticed his colleagues by claiming ownership of an investment firm in Kanpur, promising high returns of 3% to 4%. Shahi allegedly provided fabricated statements, indicating a significant balance in the account, which later turned out to be fake. Funds were received into a joint account with Shahi’s wife, with an obligation to transfer the amount to the private investment firm’s account within two days, as per the agreement.
Initially providing satisfactory returns, Shahi gained the trust of investors, leading to more participants in 2018-19. In August 2022, Shahi informed colleagues about his partner’s death and claimed a lack of funds in the investment firm’s account. The victims allege that Shahi utilized their money to purchase property in Chandigarh. After eight months of negotiations, the army veterans filed complaints with the Chandigarh Police’s economic offences wing in April and June 2023.
An anonymous navy officer disclosed investing 30 lahks after meeting Shahi at a club, while Major Pardeep Bharti, a batchmate, invested 10 lahks, and his serving army officer son invested 55 lakh. Shahi, who had to leave the army due to fitness issues, later joined the UP Police as a DSP. In August 2014, he was awarded a 10-year jail sentence by a Kanpur court for raping a minor Dalit girl but was released on bail after challenging the decision in a higher court.