Delhi Police arrests absconding fraudster in Rs 2.16 crore hemp investment scam

New Delhi [India], September 12 (ANI): The Economic Offences Wing (EOW) of Delhi Police arrested an absconding fraudster of the Indian Institute of Hemp Association (IIHA), in connection with a Rs 2.16 crore investment scam.
The absconding fraudster ,identified as Rohit Sharma, who had been declared an absconder in October 2024, was caught at IGI Airport on September 8, 2025, after evading arrest for months.
The case was registered at PS EOW on the complaint of Karan Bhatia, Director of M/s Ice Dream Global Pvt. Ltd. Bhatia alleged that Rohit Sharma induced his company to invest in an industrial hemp project, promising consultancy support, supply of raw material (bhang), and government licences.
On Sharma's assurance, the company signed agreements with IIHA and transferred Rs 2.16 crore directly to the trust, along with an additional Rs 50 lakh towards project costs. However, despite the financial commitment, no raw material was ever supplied.
During the investigation, police examined Bhatia and collected documents, including the Letter of Intent, NDA/MoU, and Supply Agreement.
The probe revealed that Sharma had signed the agreements as IIHA President, was the signatory of the bank accounts, and directly received the funds.
A financial trail confirmed that Rs 2.16 crore was diverted to Sharma's personal accounts and companies under his control. Investigators said his misrepresentations and failure to obtain licences or supply material showed fraudulent intent from the beginning.
The police also found that Sharma never held a valid cultivation licence from the Uttarakhand government, despite claiming so, and had no evidence of hemp cultivation. Officials said this proved his deliberate intent to cheat investors.
Sharma evaded questioning and fled abroad, resulting in his declaration as an absconder on October 26, 2024. A Lookout Circular (LOC) was issued, and he was finally intercepted at IGI Airport this week. He was placed on two days police custody remand for further investigation.
Rohit Sharma, 44, from Gurugram, Haryana, studied commerce and management but left midway. In 2010, he went to Germany for a programme on industrial hemp. He later worked in call centres, advertising, and marketing before floating his own ventures, including Ocean Production.
In 2015, he founded IIHA as a trust, presenting himself as a hemp industry consultant. He entered into agreements with several firms, including M/s Ice Dream Global Pvt Ltd, Daoji Agro Pvt Ltd, CanIndica Pvt Ltd, and Hemp Pharma Amro Pvt Ltd. However, he failed to deliver on commitments.
The accused lived in Canada with his wife and child after fleeing India, while his parents stayed in Gurugram. His father recently passed away.
Police also confirmed his involvement in another fraud case registered in Rajasthan under FIR at PS Mahesh Nagar, Jaipur South, for cheating.
Officials said further investigations were underway to trace diverted funds and identify possible accomplices. (ANI)