Haflong police arrested a man from Gorakhpur, Uttar Pradesh, on July 27, on charges of fraud and financial deception. The suspect, Shivam Pandey, was taken into custody after a complaint was filed by a local businessman in Assam.
During a press conference, Additional Superintendent of Police (ASP) Faruq Ahmed stated that authorities had been investigating Pandey’s activities since July 23, following reports of fraudulent practices associated with a purported initial public offering (IPO) scheme. The complaint alleged that Pandey was deceiving individuals by falsely offering shares of a company called Niglalok Petroleum, which does not appear to be registered.
“The accused collected money from multiple individuals across Dima Hasao district under the false pretense of providing IPO shares. This scheme seems to be a well-organized financial fraud,” remarked ASP Ahmed.
The arrest came after the local businessman filed a First Information Report (FIR) at Haflong Sadar Police Station on Saturday. He claimed that while staying at his homestay in Haflong, Pandey not only failed to settle outstanding debts but also took Rs 25,000 with the promise of IPO allotment in the fictitious petroleum firm.
A case has been registered under Case No. 46/26/7/25, and legal proceedings are currently underway. Due to health issues, Pandey is receiving medical treatment at Haflong Civil Hospital.
ASP Ahmed also revealed that preliminary investigations suggest that Pandey had interacted with various political and administrative figures during his time in the district, raising concerns about the possible extent of his network. The police are now broadening their investigation to uncover the full scale of the scam and identify additional victims or accomplices.
Original Source: https://www.indiatodayne.in/assam/video/up-man-held-in-assams-haflong-for-allegedly-running-fake-ipo-scheme-duping-many-of-lakhs-1251476-2025-07-27?utm_source=rssfeed
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Publish Date: 2025-07-27 22:37:00
