In the Mandi district of Himachal Pradesh, the case of alleged fraud of crores of rupees in the name of online trading and investment in cryptocurrency is becoming bigger. Gaurav Anil Dhote, a resident of Maharashtra, is accused of taking money from a large number of people in and around Paddhar and Mandi by luring them of doubling the amount in the name of investment and giving huge returns every month. The latest report has claimed that the amount of fraud in this entire case can reach around Rs 50 crore. However, the amount revealed in the complaints lodged with the police so far is less than this and the actual amount is expected to become clear as the investigation progresses.
Gaurav Anil Dhote is accused that in the name of online trading and investment, he assured people of five to 10 percent interest every month and doubling the money in a few years. According to some reports, investors were later lured with the promise of doubling the amount in 60 to 70 days. It has been accused of building trust by showing increased amounts in the accounts of early investors and then preparing people for big investments. Many aspects of this alleged investment network are being investigated in the police investigation.
After the name of IIT Mandi surfaced in this matter, the matter came into further discussion. According to reports, Dhote strengthened his identity among the officers and employees of the institute by giving sponsorship of about Rs 15 lakh in the program related to the institute. After this, some professors, faculty and staff of IIT Mandi also came in contact with the alleged investment scheme. The accused was arrested by the director of the institute, Prof. Was seen in many programs with Laxmidhar Behera. He also stayed in the guest house of IIT Mandi for about three months.
According to reports related to police investigation, the accused operated several companies under the name Serafina and presented these companies to investors as trading and investment related activities. Information about opening of office in the command has also come to light. It is alleged that the environment of the office was created in such a way that the people coming there find the company’s activities organized and trustworthy. Some reports also quoted complainants talking about keeping a bouncer in the office and winning people’s trust through religious activities.
Many complaints have so far reached Paddhar police. According to a report, information about fraud of about Rs 4.5 crore has come to light from 23 complainants. On the other hand, police and other reports fear that the total amount of fraud may exceed Rs 40 crore if the number of complaints increases. In the latest Dainik Jagran report, this figure has been said to reach around Rs 50 crore. Therefore, at present it would be appropriate to look at Rs 50 crore not as the final figure revealed in the investigation but as an allegation and estimate.
The accused are not accused of targeting only external investors. In the latest report, a case of cheating on his wife has also come to light. According to the report, Gaurav Anil Dhote was married in June 2025 at a resort in Manali. The wedding package was fixed for around Rs 18 lakh. It is alleged that the next day after the marriage, without paying for the hotel, he left the place with his wife and asked to sell her gold jewelery to repay the hotel dues.
According to the report, the accused had told the hotel management that his wife’s jewelery was of 22 carat gold. Later, when payment was allegedly not made and the jewelery was sold, it was found to be 18 carats. The hotel management got about Rs 1.80 lakh from these jewellery. This case is also being viewed in the series of allegations against the accused, although its legal aspects require an independent investigation.
In this matter related to the wedding, it also came to light that the hotel bill for payment of tent, flowers, mare and other arrangements was outstanding. According to the hotel management, when contacted, the accused allegedly told that he has gone to Old Manali and will pay the due amount by selling his wife’s jewellery. Later the matter went in a different direction. This incident happened at a time when complaints of fraud in the name of online investment in the market started coming against the accused.
The network of the alleged investment scam in Mandi is said to be not limited to just one village or one panchayat. According to the complaints lodged with the police, the accused had made contacts in many panchayats around IIT Mandi. There has been talk of reaching out to people through office and living arrangements in Kamand and Kataula areas. According to the report, complaints have been received about its impact reaching Mandi Sadar, Sarkaghat, Jogindernagar and Balh assembly constituencies.
The accused is also accused of motivating people to invest money in the name of investment in cryptocurrency and online trading. Investors were lured with the promise of money increasing and their money doubling in a short period of time. When the initial people were shown the alleged payment or increased amount, the trust of other people also increased. It is alleged that huge sums of money were invested on the basis of this trust.
IIT Mandi has clearly distanced itself from its role in this entire matter. Registrar of the institute, Kumar Sambhav Pandey has said that the alleged financial activities have no connection with the institute. According to the institute, no person was authorized to raise money for investment. IIT has said to cooperate in the police investigation. The institute has also advised the public not to rely on any investment proposal based solely on claims of IIT affiliation and to seek official confirmation of any financial claims made using the institute’s name, photographs of officials or events organized on the campus.
In fact, whether the accused used his presence in the programs related to IIT Mandi and his acquaintance with the officials of the institute to win the trust of the people or not, this is an important part of the investigation. According to the report, he had given sponsorship of Rs 15 lakh for an international workshop. After this his presence increased on the campus of the institute and he was seen with the officials in many programs. It is alleged that by showing the effect of this social and institutional contact, he prepared people from outside for investment.
Now the challenge before the police is to find out the total amount taken in the name of investment and in which accounts that amount reached. Along with this, it will also have to be investigated what were the actual activities of the companies whose names have come up, including Serafina, and how the money received from investors was used. Examination of bank accounts, digital transactions, company documents, mobile phones and other electronic evidence may be important in this case.
Another important thing in the case is the sudden disappearance of the accused. According to reports, when investors started demanding their money back and started reaching the office, they found it locked. The phones were also said to be switched off. After this, people feared being cheated and complaints started reaching the police. The police is busy gathering information about the location and possible hideouts of the accused.
Some reports have also revealed that the accused has fled to Nepal. However, the final official confirmation of his current condition and exact location has not been made public by the police. Therefore, this should be seen only as a claim revealed in the police investigation.
In this case, information has come to light that not only the investors are the victims of the alleged fraud, but the employees working in the accused’s company are also affected. According to a report, the company’s employees also did not receive salaries for about six months. If this is found to be true in the investigation, then it may raise many questions regarding the operations and financial condition of the company.
This case, which came to light in Paddhar and Kamand area of Mandi, has also increased the concern of the people regarding the claims of fast returns in online trading and cryptocurrency. Claims of doubling the amount in a short time in the name of investment often attract people, but investing large amounts without checking the validity of any investment scheme and the registration of the company can be risky.
It will also be important for the investigating agencies to know who in the alleged network were in contact with the accused and whether anyone helped him in raising investments or connecting people. Some reports have revealed that his contacts and alleged helpers are being investigated at the local level. However, a person’s role is not proved merely by being in contact and for this the police will have to collect concrete evidence.
Some media reports have also surfaced regarding a possible investigation by the Enforcement Directorate in the case, but the Mandi Superintendent of Police has denied having official information about such an investigation. Therefore, at present it would not be appropriate to present this aspect as a confirmed action. Preliminary investigation is going on at the Padhar police level and the case is being taken forward on the basis of complaints.
After IIT Mandi has clarified its position, it will now be necessary in the investigation to differentiate what was the actual role of the institute and how the accused allegedly used his contacts associated with the institute. The institute has clarified that it had not given permission to any person to raise money from the public for investment. In such a situation, the picture can become clear by talking to investors and examining the documents presented.
At present, the biggest question in this case is regarding the actual amount of the alleged fraud. An amount of around Rs 4.5 crore has been revealed in the initial complaints, but this amount may increase if the police receives more complaints. Media reports have revealed estimates ranging from Rs 40 crore to Rs 50 crore. The final amount will be clear only after police investigation and verification of all complaints.
The investigation into the allegations against Gaurav Anil Dhote is ongoing and the allegations have not yet been proven in the court. Therefore, all cases like taking money from investors, running alleged networks through companies, mortgaging wife’s jewelery or misusing IIT Mandi’s contacts should be seen in the context of investigation and complaints. The police investigation, financial records and court proceedings will determine which allegations are confirmed.
This case that came to light in the market also reminds that before trusting any investment scheme, it is necessary to check its documents, company registration, regulatory status and banking details. Investors should be extra cautious especially when a scheme claims to double the amount in a short period of time or make unusually high returns.
At present, the police is collecting statements of the complainants and information about financial transactions. More people are likely to come forward in the coming days, which may clarify the actual size of the alleged network and the amount. On the other hand, IIT Mandi has clarified its distance from the accused and has denied authorizing people for any kind of investment on behalf of the institute.
In this entire incident, the direction of police investigation and arrest of the accused will be important. If information about bank accounts, companies and digital transactions of the accused and people associated with him comes to light, then the complete picture of the alleged investment network may become clear. Currently, complaints involving hundreds of people and alleged financial transactions worth crores of rupees have brought the Mandi case into the category of cases involving allegations of serious financial fraud.