Lucknow: The Economic Offences Wing (EOW) has arrested Manju Dubey alias Manju Upadhyay, additional director of Pierce Allied Corporation Limited, in connection with a ₹14 crore embezzlement case involving fraudulent investment schemes. Investigators said the company opened branches in several districts of Uttar Pradesh, collected funds from investors by promising to double or triple their money, and later shut its offices and disappeared.
Originally a resident of Deoria and currently based in Kanpur, Dubey held a key position in the company. EOW officials said her role in the diversion of funds was established during the probe, following which she was being tracked. She was arrested from the state capital on Thursday.
Case Transferred to EOW Amid Growing Complaints
The case was initially registered at Alambagh police station and later transferred to the EOW on government orders due to its scale and the number of victims involved. During the investigation, it emerged that the company attracted deposits through agents and local offices, offering high returns within short maturity periods to gain investor confidence.
When investors sought repayment after the promised tenure, company officials and staff closed the offices and went absconding. Multiple complaints were filed, bringing the matter under the ambit of a serious economic offence.
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Thirteen Accused Identified, Financial Trail Under Examination
So far, 13 accused have been found culpable during the EOW investigation, and efforts are underway to arrest the remaining individuals. Investigators are examining bank accounts, transaction records and the agent network to trace the flow of funds. Assets linked to the accused are also being identified for possible attachment to recover investor money.
The probe is also mapping the districts where the company operated and the total number of investors affected. Officials suspect that both the amount siphoned off and the number of victims may rise as more complainants come forward. Statements of investors are being recorded and a consolidated list of victims is being prepared.
Regulatory Gaps and Investor Safeguards
Experts warn that such schemes typically rely on unrealistic return promises to attract deposits without regulatory approval. Companies operating without proper registration, disclosures or oversight from regulators pose high financial risk. Investors are advised to verify corporate registration, check for approvals from relevant authorities such as RBI or SEBI, and execute formal agreements before investing.
The EOW has urged citizens to exercise caution and report suspicious investment offers promptly. The agency said further action will continue to safeguard the interests of victims and to recover the misappropriated funds through legal and financial proceedings.
