In a significant law enforcement achievement, the Uttarakhand Police, supported by the Central Bureau of Investigation (CBI) and Interpol, successfully extradited Jagdish Punetha, a key accused in a Rs 15 crore investment fraud. The accused was brought back from the United Arab Emirates (UAE). Punetha was then produced before a local court in Pithoragarh on Friday.
A senior law enforcement official stated that Punetha, in his early thirties, had been on the run since a fraud case was registered against him and two associates for allegedly cheating multiple investors in Pithoragarh.
According to police sources, the first case against Punetha was filed in 2021 when he allegedly defrauded a complainant of $Rs$ 8 lakh. During the investigation, it was revealed that he, along with three others, was involved in several similar scams.
The senior police official added, “Punetha faced four cases under relevant sections of the Indian Penal Code (IPC), the Uttarakhand Protection of Interest of Depositors Act, and the Gangster Act.”
As the investigation progressed, police began tracking his movements and ultimately discovered that the accused had fled the country and was hiding in Dubai. Following the discovery of his location, a Red Corner Notice was issued by Interpol with the assistance of the CBI.
Acting on the notice, UAE authorities detained Punetha and handed him over to a State Police team for the extradition process.
The senior police official noted that a reward of $Rs$ 50,000 had been announced for information leading to Punetha’s arrest in Uttarakhand. The successful extradition underscores the effectiveness of international cooperation in tracking fugitives involved in financial crimes.
Law enforcement officials emphasised that the extradition of Punetha sends a strong message to financial criminals: fleeing the country does not guarantee impunity. It also highlights the importance of collaboration between national and international agencies to bring offenders to justice.
Financial analysts note that such high profile arrests reinforce investor confidence in the system. The combined efforts of state and central agencies demonstrate a proactive approach in curbing economic crimes.
Experts advise that prospective investors should check company registration, track record, and prior complaints before investing. Any suspicious transactions or potential fraud should be immediately reported to local authorities or the CBI to prevent larger financial losses.
The successful international collaboration marks a significant step toward safeguarding investor interests and maintaining trust in India’s financial regulatory framework.
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