UP Economic Offences Wing Arrests Assistant Manager in Multi-Crore Investment Scam
The Uttar Pradesh Economic Offences Wing (EOW) has made a significant arrest in a high-profile investment fraud case, apprehending an assistant manager of a private Credit Cooperative Society Limited. The arrest marks a crucial development in the ongoing investigation into the alleged misappropriation of investors' funds amounting to crores of rupees.
Arrest in Punjab and Transfer to Lucknow
The accused, identified as Vikas Bhatnagar, was arrested on Friday night in Fatehgarh Sahib district of Punjab. This operation was part of a statewide crackdown initiated by the Economic Offences Research Organisation (EOW) of Uttar Pradesh, aimed at curbing financial crimes and tracking down long-absconding suspects. Following his arrest, Bhatnagar was brought to Lucknow on Saturday for further legal proceedings and interrogation.
Key Role in the Fraudulent Scheme
According to officials from the EOW, Vikas Bhatnagar served as an assistant manager at the company's Agra branch. Investigators allege that he played a pivotal role in fraudulently siphoning off investors' money. The private Credit Cooperative Society Limited, headquartered in Kapoorthala, Lucknow, is accused of collecting over Rs 14.36 crore from investors across multiple districts.
The districts affected include Kanpur, Agra, Aligarh, Etawah, and Shahjahanpur. The company reportedly lured investors with attractive investment schemes through an extensive network of agents, promising high returns on their deposits.
Details of the Investment Fraud
Investigators revealed that despite the completion of the maturity periods for these investment schemes, the company's directors and senior officials failed to return the deposited amounts to the investors. Instead, they dishonestly misappropriated the funds, leading to what is described as a large-scale financial fraud. This breach of trust has left numerous investors in financial distress, highlighting the severity of the scam.
Legal Proceedings and Case Background
The case was originally registered in 2021 at the Kakadeo police station in Kanpur Nagar. It was filed under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code. Initially, the probe was conducted at the district level. However, due to the scale and complexity of the fraud, the investigation was subsequently handed over to the EOW on government orders to ensure a thorough and comprehensive inquiry.
Ongoing Investigation and Accused Individuals
During the course of the investigation, the EOW identified 15 accused individuals as culpable in this elaborate scam. Charge sheets have already been filed in court against 14 of these accused, indicating significant progress in the legal process. Efforts are currently underway to trace and arrest the remaining accused, with Vikas Bhatnagar's arrest being a key step in this direction. The EOW continues to work diligently to bring all involved parties to justice and recover the misappropriated funds for the affected investors.
