Bareilly, Uttar Pradesh: The investigation into the Amar Jyoti investment case is expected to widen following the arrest of brothers Suryakant Maurya and Shashikant Maurya, who are accused of allegedly defrauding investors of more than ₹200 crore through chit-fund companies operating in Bareilly and Badaun.
Bareilly police are preparing to bring the two accused before the court in four cases registered at Baradari police station and are expected to seek their custody remand. Investigators are likely to question them about the companies’ operations, investor funds, financial transactions and people who may have allegedly assisted them.
Four Bareilly Cases Linked To Amar Jyoti Companies
According to the cases under investigation, Suryakant and Shashikant allegedly operated companies including Amar Jyoti, Amar Jyoti Universe Nidhi, Amar Jyoti Ruhelkhand and Amar Jyoti Hire Purchase.
The companies allegedly collected money from investors before the brothers reportedly went absconding. Several complaints were subsequently registered in Bareilly and Badaun over alleged financial fraud.
Police are now focusing on identifying the people involved in collecting investments, operating company accounts and managing financial transactions.
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Third Brother Shrikant Also Under Investigation
The role of the brothers’ third sibling, Shrikant Maurya, is also being examined. He has been named as an accused in one of the four Bareilly cases.
Police are reportedly searching for Shrikant following the arrest of his two brothers. During custody remand, investigators are expected to question Suryakant and Shashikant about his alleged role and possible whereabouts.
Four Complaints Detail Alleged Investor Fraud
The Bareilly cases include complaints involving several investors.
On July 13, 2025, Vinita Maurya of Katra Chand Khan alleged a ₹5-lakh fraud against Shashikant, Suryakant, Shrikant, Suraj Yadav and an unidentified person.
On August 7, 2025, Rajeshwari Gangwar of Nekpur filed a case alleging a ₹12,000 fraud involving Suryakant and Devendra.
On September 16, 2025, Poparam Gangwar of Nekpur and 16 others alleged fraud involving lakhs of rupees against Suryakant, Anurag, Devendra, Ashish Patel and Deepak Maurya.
Another case was filed on January 9, 2026, when Sheela of Katra Chand Khan alleged fraud involving lakhs of rupees against Suryakant, Neeta, Pappu, Aman and Kanchan.
Alleged Fraud Crosses ₹200 Crore
Police investigation has so far indicated an alleged fraud of more than ₹200 crore involving investors associated with Amar Jyoti Finance. According to the information provided, investigators have not yet recovered even half of the alleged amount.
The custody remand of the two arrested brothers could therefore be important for tracing the movement of investor funds and identifying other people allegedly involved in the operation.
Investigators are expected to examine the accounts used to receive and transfer money, the individuals managing those accounts and the financial transactions carried out through the companies.
Police Probe Who Helped Brothers While Absconding
Another focus of the investigation is how the two brothers allegedly remained out of reach after the cases were registered.
Police are examining whether they received financial, logistical or other assistance while absconding and who may have remained in contact with them.
Information obtained during questioning could lead investigators to examine additional individuals suspected of helping the accused or handling money connected with the alleged fraud.
Gangsters Act And Property Attachment Under Consideration
Police are also preparing for possible action against Suryakant and Shashikant under the Gangsters Act, with proceedings potentially linked to cases in Bareilly or Badaun.
Authorities are expected to examine properties and other assets associated with the accused to determine whether any were allegedly acquired using proceeds from the suspected fraud. If the legal requirements are met, further action, including property attachment, could follow.
Meanwhile, demands have been raised in Badaun for pending investigations into Amar Jyoti investment cases to be completed and charge sheets filed.
The focus of the investigation has now shifted from the two arrested brothers to the alleged wider network, the movement of investor money and the people who may have helped operate the companies or evade arrest.
What This Means For You: The investigation shows why investors should verify the regulatory status and financial credentials of companies before putting money into schemes promising returns. In large-scale investment fraud cases, tracing the money trail can be crucial to identifying both the people who handled the funds and the wider network behind the operation.
The420 Insight: The upcoming custody questioning could be a major turning point in the case. Beyond establishing how the alleged ₹200-crore-plus operation worked, investigators will need to determine where the money went, what assets were acquired and whether the arrested brothers were operating with the help of a larger network.
About the author — Ananya Aradhya writes on cybercrime, fraud, scams, cybersecurity, digital safety, and emerging threats. Her work also covers major criminal cases, financial frauds, consumer scams, and stories that highlight risks affecting people in the real and digital world.
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