Police in Uttar Pradesh's Hardoi district have registered a criminal case against five individuals in connection with an alleged investment fraud estimated at around ₹50 crore.
The FIR was registered following a complaint alleging that investors were induced to invest substantial amounts through attractive return schemes promoted by two companies.
Five Accused Named in FIR
According to the complaint, the accused include:
- Jai Prakash Maurya (Managing Director)
- Asha Devi
- Devendra Maurya
- Neetika Maurya
- Dayashankar Maurya
All are residents of Lakhimpur Kheri district.
Police have registered the case under relevant provisions relating to cheating and other applicable offences. The investigation is continuing.
Companies Allegedly Promoted High-Return Investment Schemes
The complaint alleges that the accused operated investment schemes through:
- Bombitex Exchange
- Bmax Realty
Prospective investors were allegedly promised:
- 7.5% monthly returns
- Complimentary Goa holiday packages
- Residential plots in Lucknow
Investigators allege these promises encouraged numerous people to invest significant amounts.
Promotional Seminars Held Across Multiple Districts
Police said the companies allegedly organised promotional seminars in:
- Hardoi
- Sitapur
- Lakhimpur Kheri
- Lucknow
According to the complaint, investors were encouraged to join the schemes during these promotional events.
After collecting substantial funds, the companies allegedly stopped making the promised payments, leaving investors unable to recover both their returns and principal amounts.
Multiple Investors Reported Financial Losses
The complaint mentions several alleged victims, including:
- Amit Bhadauria and associates — approximately ₹50 lakh
- Kamal Prakash Kushwaha and associates — approximately ₹35 lakh
- Anurag, Kanhaiyalal and Anirudh — approximately ₹5 lakh
- Abhishek Kumar and associates — approximately ₹5 lakh
Police believe the total amount involved across all investors may be close to ₹50 crore.
Financial Records Under Examination
Investigators are examining:
- Bank transactions
- Investment records
- Company financial documents
- Promotional material
- Investor agreements
- Money trail
Authorities are also verifying:
- The total number of investors
- Flow of funds
- Nature of the investment schemes
- Possible involvement of additional persons or entities
Expert Advisory
Former IPS officer and cybercrime expert Prof. Triveni Singh stated that investment frauds commonly rely on unrealistic return promises and persuasive marketing to attract investors.
He advised investors to:
- Avoid schemes promising unusually high or guaranteed returns.
- Verify regulatory compliance before investing.
- Check company credentials independently.
- Use traceable banking channels.
- Maintain proper investment documentation.
Investigation Continues
Police said the allegations are currently under investigation.
Further legal action will depend on:
- Documentary evidence
- Banking records
- Financial analysis
- Statements of investors
- Examination of the accused
No final conclusions regarding criminal liability have been reached at this stage.
Shunyatax Global Insight
Shunyatax Global says that investment schemes promising fixed monthly returns significantly above normal market levels should always be treated with caution. Investors should verify whether the entity is registered with the appropriate regulator, understand the underlying business model, and avoid investing solely on the basis of seminars, referral networks or promotional incentives such as free trips and gifts.