The Uttar Pradesh Police has arrested some key accused involved in two major financial fraud cases, where investors were defrauded of thousands of crores of rupees. A team from the economic offences wing (EOW) of the UP Police arrested Gurnam Singh, an operator of Pearls Agrotech Corporation Ltd (PACL) involved in a Ponzi scheme fraud, from Ropar district in Punjab.
PACL, formerly known as Gurwant Agrotech Limited, was registered in Jaipur and later changed its name. The company allegedly opened branches in 10 states, including Uttar Pradesh, and began banking operations without obtaining a non-banking financial company (NBFC) registration under the RBI Act.
"The company is accused of collecting approximately Rs 49,000 crore from investors across these states, including Mahoba, Sultanpur, Farrukhabad and Jalaun in Uttar Pradesh, by promoting attractive schemes and promising land plots in exchange for recurring deposit and fixed deposit,” said EOW Director General Neera Rawat.
“However, the company later neither provided the plots nor returned the deposited funds, with its operators absconding after shutting down offices," he said.
Meanwhile, the EOW arrested an absconding accused, Prem Prakash Singh, in connection with a Rs 250 crore fraud committed by V-Care Multitrade Pvt. Ltd. The company, through its regional office in Krishnanagar, Lucknow, allegedly lured customers with various benefits if they purchased policies from Reliance Life Insurance Company, Future Generali Life Insurance, and Aegon Life Insurance through V-Care Multitrade Pvt Ltd.
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