Uttarakhand Officers return with Dubai-deported suspect in major investment scam

Uttarakhand Police have successfully brought back fugitive investment fraud accused Jagdish Punetha from Dubai after he spent several years evading arrest. Punetha, a resident of Silpata village in Pithoragarh district, is wanted in several cheating cases linked to fake stock market and commodity investment schemes. His return marks a major breakthrough for the state police, who had been tracking him across countries with the help of multiple national and international agencies.

According to officials, the Crime Branch–Criminal Investigation Department (CBCID) of Uttarakhand Police coordinated the extraction operation with Interpol, the Central Bureau of Investigation (CBI), and authorities in the United Arab Emirates (UAE). After completing the required paperwork and verification processes, a three-member police team travelled to Dubai on November 10. They brought Punetha back to India on November 13, ending a long search that began soon after the first complaint against him surfaced in 2021.

Police say Punetha played a key role in cheating several families in Uttarakhand by offering investment opportunities that promised unusually high returns. His schemes mainly revolved around fake stock market plans, commodity trading offers, and jewellery-linked investments. Investigators found that he collected crores of rupees through these methods and then absconded, leaving investors helpless.

How the fraud unfolded

The first major case involving Punetha came to light in 2021, when a resident of Pithoragarh named Liladhar Patni filed a complaint. Patni alleged that Punetha, along with his associates—Lalit Punetha, Chandra Prakash Punetha, and Pankaj Sharma—cheated him of ₹8 lakh. They had promised him high returns through a commodity trading scheme linked to Nirmal Bang Commodity. Believing their claims, Patni invested his money, only to later realise that the entire offer was fraudulent.

Based on his complaint, a case was registered at the Pithoragarh police station under multiple sections of the Indian Penal Code (IPC), including cheating, criminal conspiracy, and intentional insult. The case also included charges under Section 3 of the Uttar Pradesh Industrial Disputes (UPID) Act of 1947. This initial complaint opened the door to uncovering a much larger network of frauds linked to Punetha and his group.

During the early stages of investigation, police arrested two of his associates—Lalit Punetha and Pankaj Sharma—and later filed a chargesheet against them. However, Jagdish Punetha kept changing his location and remained out of police reach. As he continued to avoid arrest, attachment proceedings were initiated to seize his movable and immovable assets. In July 2024, even in his absence, a separate chargesheet was filed against him. Despite these actions, Punetha continued to stay abroad and did not return to face legal proceedings.

Uttarakhand Police later revealed that Punetha was named in several cases registered at both Pithoragarh and Jajardeval police stations. Many investors complained that he collected money in the name of stock market investments through companies such as Nirmal Bang Commodity, Royal Panther Pvt Ltd, and Matarchaya Jewellery Pvt Ltd. These companies were used as fronts to make the schemes look legitimate. In 2023, he was also booked under the Gangster Act, as authorities discovered he was heading an organised group involved in systematic financial fraud.

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Further investigation showed the scale of the cheating operations conducted by Punetha and his associates. According to police officials, they defrauded investors of ₹15.17 crore over several years. Through illegal means, they acquired assets worth ₹2.22 crore, including land, vehicles, and other valuable properties. This discovery strengthened the case against him and highlighted the urgent need to bring him back to India to face trial.

International operation to bring him back

As the number of fraud complaints increased, Uttarakhand Police intensified their efforts to trace Punetha. In 2022, the state police announced a ₹50,000 reward for information leading to his arrest. Despite this, he managed to stay hidden abroad. His continued absence, along with the growing number of victims, prompted police to seek international help.

On May 6, Interpol issued a Red Notice against him, marking him as a wanted fugitive across several countries. This alert played an important role in tracking him in the UAE, where he had been living for some time. After confirming his location, Uttarakhand Police worked closely with the UAE authorities to complete the process of handing him over.

A special three-member team was then formed and sent to Dubai. After fulfilling all legal and diplomatic requirements, they returned with Punetha on November 13. He was brought directly to Dehradun, where he is now being produced in court. Senior police officials have said that his arrest will help speed up investigations in multiple cases and may also help recover some of the money lost by victims.

ADG (Law and Order) V. Murugesan stated that the operation reflects the state police’s commitment to bringing absconding criminals to justice. He added that the investigation is ongoing and more details about Punetha’s financial network are being examined. Authorities are hopeful that his arrest will provide clarity on how he managed to run such a large fraud operation for years.

With his return, many investors who lost their life savings now hope to finally get justice. The police have said they will continue tracing any additional assets he may have hidden, which could be used to compensate victims.