Chandigarh, A corruption scandal within the Indian army has come to light following the arrest of retired Major Amarjit Singh Shahi, who is accused of defrauding approximately 20 fellow veterans out of Rs 6 crore.
According to Kashmir Media Service, the Economic Offences Wing apprehended Shahi, owner of M/s Money Matters Financial Advisers in Mohali, for orchestrating a fraudulent investment scheme. Several retired Army officers, including Col Soninder Singh, reported that Shahi, along with his associate Laxmi Narayan Shukla, enticed them with promises of high returns through investments in Shukla’s firm, M/s PS Money Multipliers, based in Kanpur. The investigation revealed that Shahi leveraged his status and trust within the military community to convince his colleagues to invest, presenting them with falsified account statements showing a demat account balance of about Rs 62 crore.
This arrest underscores the urgent need for greater accountability and integrity within the Indian military, as it raises significant concerns about the vulnerability of veterans and the potential for exploitation by their own ranks.