Chandigarh: A retired Indian Army Major, Amarjit Singh Shahi, has been arrested for allegedly duping around 20 fellow veterans of Rs6 crore, exposing a web of corruption within the Indian army.
According to the details, the Economic Offences Wing arrested Shahi, who owns M/s Money Matters Financial Advisers in Mohali, for his involvement in a fraudulent investment scheme. Several Army officers, including Col Soninder Singh (retd), filed complaints against Shahi and his associate, Laxmi Narayan Shukla, alleging that they were promised high returns on investments but never received their money back.
According to the police, Shahi used his position and influence to gain the trust of his fellow veterans and convinced them to invest in Shukla’s firm, M/s PS Money Multipliers, in Kanpur. He executed tripartite loan agreements and showed fake statements indicating a demat account balance of around Rs 62 crore, which later turned out to be fake.
Shahi’s arrest highlights the corruption and deceit that has infiltrated the Indian army, where those who are meant to serve and protect have instead chosen to exploit and deceive their own comrades. This incident raises questions about the accountability and integrity of the army’s leadership and the measures in place to prevent such corruption.
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