Source : INDIA TODAY NEWS
In a major breakthrough in an alleged Rs 500-crore investment fraud case, the Uttar Pradesh Special Task Force (STF) has arrested two brothers accused of duping thousands of investors through a Nidhi company scheme. The accused, Shashikant Maurya and Suryakant Maurya, had been absconding for months and carried a reward of Rs 50,000 each.
The arrests were made by a joint team of the STF’s Noida unit and Badaun Kotwali police. Both men were directors of Amar Jyoti Universe Nidhi Limited, a company accused of collecting large sums of money from investors with promises of attractive returns and then failing to repay them.
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According to police, the brothers were wanted in a case registered at Badaun Kotwali under multiple sections of the Bharatiya Nyaya Sanhita (BNS), including charges related to cheating, criminal breach of trust, forgery and the use of fraudulent documents.
Authorities said the DIG of Bareilly Range had announced a reward of Rs 50,000 on each accused on July 1, 2025, after they repeatedly evaded arrest.
Investigators allege that the company mobilised funds from investors across several districts, including Badaun, Bareilly and Pilibhit. Reports indicate that more than Rs 500 crore was allegedly siphoned off through the scheme, leaving thousands of depositors struggling to recover their savings.
In Badaun alone, around 15,000 investors are believed to have been affected by the alleged fraud.
Senior Superintendent of Police Ankita Sharma said multiple criminal cases had been registered against the two brothers in Badaun and Bareilly. The accused had also approached the courts in an attempt to avoid arrest. However, after the Allahabad High Court vacated a stay on their arrest in April 2026, law enforcement agencies intensified efforts to trace them.
The STF and local police finally tracked down and arrested the duo on September 7, marking a significant development in one of western Uttar Pradesh’s biggest alleged investment fraud cases.
The arrests come amid continuing demands from investors for the recovery of their money and action against assets linked to the accused and the company. Police said further legal proceedings are underway and the investigation into the alleged scam remains ongoing.
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SOURCE :- TIMES OF INDIA
