Investigation Launched into Alleged ₹35.05 Lakh Cryptocurrency Fraud Linked to IIT Mandi

A police investigation has been launched into an alleged ₹35.05 lakh cryptocurrency fraud connected to IIT Mandi. The case raises significant questions about the credibility of investment schemes promoted in the vicinity of the prestigious institution, particularly following the involvement of IIT Mandi's Director in a company-related event. Allegations suggest that the association with IIT Mandi may have influenced potential investors, leading to substantial financial losses. As the investigation unfolds, it aims to uncover the extent of the operation, the number of investors involved, and the legitimacy of the claims made. This situation highlights the need for scrutiny regarding investment activities near educational institutions.

By Narendra Chaudhary Sep 18, 2026, 12:43 IST

Allegations of Fraud in Cryptocurrency Investment

Concerns arise over an investment scheme promoted near IIT Mandi, involving alleged fraud linked to cryptocurrency trading.

Munish Sood
MANDI
A reported fraud amounting to ₹35.05 lakh related to cryptocurrency trading has sparked significant inquiries regarding an investment initiative being advertised in the Kamand area, with scrutiny directed towards IIT Mandi's Director, Laxmi Dhar, for his involvement in a company-related event.

The Padhar police have initiated a case under Section 318(4) of the Bharatiya Nyaya Sanhita, following claims that investors were encouraged to invest large sums in cryptocurrency trading with promises of high returns. The complaint details payments totaling ₹35.05 lakh, alleging that these funds were never returned.

The situation intensified when a video surfaced on social media, reportedly showing IIT Mandi's Director, Laxmi Dhar, at a company event. In this video, he is seen with a microphone discussing investment opportunities and potential returns of up to 100% within a year.

However, the video's authenticity, context, and date have yet to be verified independently.

The Significance of the Director's Involvement

While the police complaint does not implicate the IIT Mandi Director as a suspect, it raises important public interest questions. Did the association with a prestigious institution like IIT Mandi lend credibility to the investment scheme, influencing potential investors?

Allegations suggest that the company's events and its ties to IIT Mandi personnel were leveraged to instill confidence in potential investors.

Notably, many alleged investors were reportedly individuals affiliated with IIT Mandi, including faculty, staff, security personnel, and local business owners.

If proven true, this situation transcends a mere financial dispute, prompting inquiries into how private investment activities were conducted near a leading educational institution and whether the institutional affiliation was perceived as a form of assurance by investors.

Details of the Alleged Fraud

The police complaint, filed by Surjeet Thakur from Tikri Mushehra, claims he was introduced to Gaurav Anil Dhote in October 2025, who encouraged him to invest in cryptocurrency trading.

Thakur alleges he transferred ₹31.05 lakh through online transactions to accounts linked to the accused and paid an additional ₹4 lakh in cash, totaling ₹35.05 lakh.

Transactions were recorded on October 9, 24, 27, and 31, 2025, with assurances that his funds would be traded in BTC/USD and returned with profits. He was also provided with documents on company letterhead and security cheques.

From October 2025 to January 2026, Thakur maintained communication with the accused, receiving repeated assurances regarding the return of his investment.

However, when he sought the return of his principal amount, he claims he was met with hostility and threats at the company's office in Kamand.

Following this incident, he approached the police for an investigation and recovery of his funds.

The case was officially registered on January 17, 2026.

Broader Implications of the Case

The ₹35.05 lakh complaint is just one aspect of a larger inquiry into the alleged fraudulent investment scheme.

Investigators must determine how the operation functioned, the number of investors involved, the total funds collected, the destination of these funds, and whether any legitimate cryptocurrency trading occurred.

Equally crucial is the inquiry into the alleged connection to IIT Mandi.

What was the nature of the event depicted in the video? What role did the IIT Mandi Director play? Was there any formal association between the company and IIT Mandi? Were investment claims made during the event? Did any faculty or employees invest after attending or learning about such events?

These inquiries necessitate thorough documentation and independent verification rather than conclusions drawn solely from social media content.

For IIT Mandi, this controversy raises significant institutional concerns: how can the appearance of the head of a prestigious academic institution at a private investment event be interpreted by faculty, employees, and the public? What safeguards are in place to prevent such appearances from being seen as endorsements of the business or its financial claims?

Currently, the police investigation focuses on the alleged financial transactions and does not implicate the IIT Mandi Director in any criminal activity.

The investigation will need to clarify the company's operations, the flow of funds, the roles of those named in the complaint, and whether a broader network of investors or promoters was involved.

This alleged ₹35.05 lakh cryptocurrency investment fraud has thus raised significant questions in Kamand: how did this investment scheme gain enough credibility for individuals to invest substantial amounts, and what role, if any, did the perceived association with IIT Mandi play in fostering that confidence?