Mutual Benefits Fraud Bhadohi 93 Crore Scam Dupes Hundreds of Investors
In a huge financial scam that has come to light in Bhadohi, the directors of a phony mutual benefits corporation are accused of defrauding investors out of over 93 crore before escaping. The victims have no answers because the company’s Gyanpur headquarters is now locked.
The Scam Unfolds
Police claim that Very Well Mutual Benefits Nidhi Limited deceived investors by promising to double their money through various programs, including fixed deposits. Following the passing of the company’s founder, Kripa Shankar, his wife Asha Devi, sons Ravi Anand, Akshay, Suraj, and Aman, and additional directors allegedly carried on with business as usual and amassed close to 93 crore.
On June 25, depositors attempted to withdraw their matured cash but discovered that the directors were gone and the Gyanpur office was shut.
FIR and Charges
A case has been filed under BNS Section 314(4) (dishonest misappropriation of property) at the Gyanpur police station. Suhail Ahmad, Anand Srivastava, Daya Shankar, Vimlesh Maurya, Ramesh Maurya, Ved Prakash, Rakesh Verma, Subedar Pal, and Suresh Yadav are among the fifteen directors named in the FIR.
The company did not have an official account, according to investigations. Rather, the accused reportedly opened an account at the Indian Bank branch in Gyanpur using a sham company called Micro Credit Foundation. It has been stated that investor funds were transferred into this account and used to buy personal property.
Victims Speak Out
The directors have been accused by complainant Rajesh Kumar Maurya and other investors of using their social and political influence in the district to avoid responsibility. In order to recoup their investments, victims are now calling for the accused’s properties to be seized.
The Response of the Police
The directors have been accused by complainant Rajesh Kumar Maurya and other investors of using their social and political influence in the district to avoid responsibility. In order to recoup their investments, victims are now calling for the accused’s properties to be seized.
The Bigger Picture
The case demonstrates the increasing threat of fraudulent “mutual benefits” schemes in smaller communities, where investors are more susceptible due to financial illiteracy and faith in local influencers. Strong regulatory oversight and public awareness campaigns are necessary, according to experts, to stop these kinds of massive scams.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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