A First Information Report (FIR) has been registered against Delhi-based Medallion Jewellers Private Limited and several of its office-bearers for allegedly operating an investment scheme that promised attractive cashback on gold purchases and assured investors that their money would double within 10 to 20 months.
According to police, nearly 40 investors were allegedly cheated of approximately ₹4 crore. The Cyber Crime Police Station has launched a detailed investigation into the company's financial transactions, digital records and online operations.
Complaint Alleges Cashback and Money-Doubling Scheme
According to the complaint filed by Manvendra Tiwari, who worked with the company in a leadership training role between September 2022 and October 2023, the company initially promoted a cashback scheme linked to gold purchases.
The complaint further alleges that the company later introduced a "new booking scheme", claiming that investors' money would double within a specified period, prompting numerous individuals to invest substantial amounts.
Website Change and Investor Data Under Investigation
The complaint also alleges that individuals who questioned the company's operations or raised concerns regarding alleged irregularities were removed from the organisation.
Investigators are examining allegations that:
- The original website, medallionjewellers.com, was shut down.
- A new website, shreemedallionjewellers.com, was launched.
- Investor information from the earlier website was allegedly removed, preventing investors from accessing details related to their investments.
These allegations are currently under investigation.
FIR Names Company Officials
According to police, the FIR names:
- Founder and CEO Satyajit Kumar
- Operations Manager Krishna Gaur
- Chief Promoter Rahul Dev Rajak
- Varanasi Sales Head Ajit Pandey
The complaint alleges that investors were induced to deposit money based on promised returns which were subsequently not honoured.
Cyber Police Examining Financial Trail
The Cyber Crime Police Station registered the FIR on Tuesday night.
Investigators will examine:
- Bank accounts
- Digital payment records
- Investment documents
- Website operations
- Electronic evidence
- Financial transaction trails
The investigation has been assigned to Inspector Udayveer Singh, who will determine the movement of investor funds, examine the role of each accused and investigate whether similar investments were collected from people in other states.
Anniversary Event Also Under Scanner
According to preliminary information, the company organised a major anniversary event in Varanasi on July 5, 2026.
Some complainants have alleged that the event was used to enhance the company's credibility and attract additional investors.
Police have clarified that these allegations are also under investigation, and no final conclusions have been reached regarding the event.
Experts Advise Investors to Verify Investment Schemes
Cybercrime expert and former IPS officer Prof. Triveni Singh stated that investment schemes offering guaranteed returns, unusually high cashback or promises of doubling money within a fixed period should be treated as significant warning signs.
He advised investors to independently verify a company's registration, regulatory compliance, business model and documentation before investing.
Experts also note that forensic audit services and digital forensic investigations play an important role in tracing financial flows, examining website modifications and identifying irregularities in investment-related cases.
Conclusion
The investigation remains ongoing as police analyse digital evidence, financial records and electronic transactions linked to the alleged investment scheme.
Authorities have stated that any determination of criminal liability will depend upon the evidence collected during the investigation and the outcome of judicial proceedings.
Shunyatax Global Insight
Shunyatax Global says that investors should exercise caution before investing in schemes offering guaranteed returns or unusually high cashback. Independent due diligence, regulatory verification and forensic audit services can help identify financial irregularities and reduce exposure to investment fraud.