In a major legal development surrounding high-yield financial crimes, the police in Uttar Pradesh’s Ghaziabad district have registered a First Information Report (FIR) against two commercial entities, M/s Vedic Ayurcure and M/s Axis E-Corporation, over an alleged investment fraud totaling approximately ₹5,000 crore. The formal criminal case was registered at the Kavi Nagar Police Station following explicit directions issued by a local court, which intervened after duped investors sought judicial remedy. The FIR names ten key individuals associated with the management and operations of the firms, initiating a comprehensive police investigation into widespread financial irregularities, illegal fund pooling, and organized corporate deception across multiple northern Indian cities.
The legal complaint was formally initiated by Mahesh Kumar Verma, an advocate practicing at the local civil court, who represented a broader collective of affected investors. According to police records, the primary accused individuals named in the FIR include Dr. Faizan Khan, Urooj Ali Khan, Shamshad Ahmad, Najma Khan, Mukesh Kumar Tyagi, Salauddin, Mohammad Zafar, Harsh Rajan Tiwari, and Pankaj Soni, alongside another unidentified associate. Law enforcement agencies have begun auditing company bank accounts, corporate registration filings, and digital transaction logs to trace the scale of the financial operations and establish individual criminal liability.
Structured Membership Returns, Promotional Seminars, and High-Yield Claims
The investigative findings reveal that the accused firms operated an elaborate multi-tiered investment scheme designed to attract retail capital from everyday citizens, working professionals, and commercial traders. Under the primary investment model, prospective investors were induced to purchase digital membership accounts or online IDs priced at ₹9,000 per unit. In exchange, the companies promised a guaranteed fixed monthly payout of ₹1,100 per ID, representing an extraordinarily high annual return on investment. To establish early market credibility, the promoters ensured that initial monthly dividends were disbursed promptly to early participants, creating a false sense of security that encouraged investors to scale up their financial commitments dramatically.
To expand their reach, the companies organized lavish promotional seminars, marketing conventions, and investor drives across key urban centers in Ghaziabad, including Mohan Nagar, Nehru Nagar, and Raj Nagar. At these public events, company representatives presented glowing corporate forecasts, promising that fixed monthly returns would be automatically credited directly to investors’ bank accounts without commercial risk. Convinced by these assurances, hundreds of individuals deposited their life savings, with many taking high-interest personal loans or liquidating household assets to purchase multiple IDs. Individual capital allocations ranged from ₹2 lakh to as high as ₹1 crore, with the complainant himself investing approximately ₹6.50 lakh. Investigators estimate that the network managed to mobilize thousands of investors from Ghaziabad, Meerut, Modinagar, Pilkhuwa, and neighboring districts.
Subsidized Grocery Outlet Facade and Franchise Investments
To reinforce the illusion of a legitimate, asset-backed commercial enterprise, the management of Vedic Ayurcure and Axis E-Corporation launched a physical retail strategy across several cities. The companies established physical grocery stores that offered household essentials, consumer goods, and ayurvedic medicines at steep promotional discounts of up to 33 percent off retail prices. This physical presence was aggressively leveraged during investor pitches to demonstrate that the high dividend payouts were supported by active retail operations and expanding supply chain revenues.
Furthermore, the entities expanded their fraudulent footprint by offering lucrative franchise opportunities to local entrepreneurs and investors seeking commercial partnerships. The companies executed store operation agreements requiring prospective franchisees to deposit security sums ranging from ₹25 lakh to ₹50 lakh per outlet under regional brand models like E-Store India. Investors were assured that the parent companies would manage inventory supplies, store logistics, and staff overheads while paying fixed monthly commission returns to store owners. However, investigators believe these physical retail outlets functioned primarily as a corporate facade to project financial stability and attract far larger capital deposits from institutional and high-net-worth individuals.
Website Shutdown, Offshore Escape, and Law Enforcement Response
The financial scheme began to unravel when monthly dividend payments abruptly ceased without prior notice to investors. Shortly after payouts stopped, the companies’ official websites, customer portals, and mobile management applications became entirely inaccessible. When anxious investors visited regional administrative offices in Ghaziabad and surrounding areas, they found the premises locked and company executives untraceable. Substantial claims have also emerged that the primary promoter fled to Dubai, from where he continued sending remote voice messages and video assurances promising eventual refunds to prevent immediate legal action.
After encountering initial delays when approaching local police stations, the victim group filed a formal petition in court, leading to the mandatory judicial directive for an FIR. Police officials at Kavi Nagar confirm that forensic financial teams are currently examining bank transaction ledgers, digital server records, and corporate agreement documents to map the complete flow of diverted funds. Law enforcement authorities have issued a public advisory cautioning citizens against committing money to unregistered or high-yield investment schemes promising guaranteed monthly distributions, urging the public to verify regulatory compliance with statutory bodies before making financial commitments.
