Fake Lawyers Scam: The suspected leader of a blackmail operation, which attempted to extort millions from Indiabulls Housing Finance, is also believed to have targeted Dewan Housing Finance, according to investigators. Mani Ram Panday (58), who was arrested last month in Lucknow, and his son Kislay, who is still at large, have been found to be fake lawyers.
Fake Law Firm Operation
Fake Lawyers Scam: Authorities are verifying whether Mani Ram successfully scammed Dewan Housing Finance, but they have confirmed that he and his son ran a law firm called Managium Juris LLP in Delhi. They pretended to be lawyers and primarily targeted non-banking financial companies (NBFCs).
A senior police investigator stated, “They collected information about financial companies and then filed lawsuits, falsely claiming these firms were engaged in illegal activities.”
Fake Lawyers Scam: Blackmail Tactics Used Against Companies
According to police reports, the duo would:
File legal cases against targeted finance companies.
Leak details of these cases to the media to put pressure on the companies.
Demand money to withdraw the cases.
Investigators have confirmed that both men never obtained real law degrees. “The Allahabad High Court Bar Association has confirmed that they were never registered as lawyers,” an official said. Mani Ram has now been taken into custody for four more days for further investigation.
History of Criminal Activity
Records show that between 2002 and 2011, at least four police cases were registered against Mani Ram and Kislay for crimes including:
Cheating and fraud
Extortion and blackmail
Making threats
Weapons offenses
Fake Lawyers Scam: Indiabulls Extortion Attempt
On June 10, Indiabulls issued a statement revealing that blackmailers had been pressuring them for two months. The criminals threatened to report to government agencies that Indiabulls had misused ₹55,000 crore and demanded ₹10 crore to drop their claims.
On June 4, Indiabulls’ Chief General Manager Ashok Sehrawat filed a police complaint, stating that he received a call from an unknown person, warning that if the company wanted to protect its reputation, it should pay ₹10 crore in two installments.
Fake Lawyers Scam: Ongoing Investigation
Authorities have registered four similar extortion cases against the father-son duo at Delhi’s Seemapuri police station.
Police spokesperson Subhash Bokan confirmed, “We are continuing the investigation to identify others involved in this scam and are actively working to locate and arrest Kislay.”
Also Read: Rajesh Bothra on Investment Trends: The Need for Sustainable Growth in Developing Economies