Lucknow: The Economic Offences Wing (EOW) of Uttar Pradesh Police has arrested the director and chief executive officer of V-Care Multitrade Private Limited in connection with an alleged ₹250-crore insurance and investment fraud that left hundreds of investors across several states facing losses.
As many as 26 criminal cases have been registered against Kaur and other individuals associated with the company in Uttar Pradesh, Uttarakhand, Bihar and Jharkhand, according to investigators. The probe revealed that V-Care Multitrade Private Limited, registered in Delhi and Haryana in 2008-09, later established a regional office in Lucknow’s Krishna Nagar area. Investigators said the firm also operated a referral-based model under which customers were allegedly promised that the company would pay their second-year insurance premiums if they introduced new investors. You Can Also Check: Gold Rate in Lucknow | Silver Rate in Lucknow | Bank Holidays in Lucknow | Public Holidays in Lucknow | Lucknow AQI | Weather in Lucknow | Petrol Price in Lucknow | Diesel Price in Lucknow | CNG Price in Lucknow | LPG Price in Lucknow Stay updated with the latest Lucknow news.
Investigators said that after securing a transit remand from a Ranchi court, the accused was brought to Lucknow and produced before a local court. The accused, Madhumita Kaur, was arrested from the Argora police station area of Ranchi in Jharkhand during an ongoing probe linked to a case registered at Krishna Nagar police station in Lucknow. The company allegedly lured customers into purchasing insurance policies from leading insurers by promising lucrative returns. EOW officials alleged that the company misappropriated customer funds before shutting down its offices and disappearing. The EOW suspects the company used the model to expand its customer base, generate commissions and divert investor funds. Further investigations are underway to identify the roles of other accused and trace the allegedly siphoned money. Download the TOI App.