The Economic Offences Wing (EOW), Lucknow, has arrested three alleged accused who had been absconding for nearly 10 years in a ₹78 crore fraud case linked to a chit fund company.
The accused allegedly collected money from investors by promising to double their investments within a short period and later allegedly misappropriated the funds. Two of the arrested accused are from Moradabad, while the third is from Rampur. All three were allegedly associated with Green Ray International, a company whose directors and agents are accused of collecting money from the public through various investment schemes. A case was registered at Galshaheed police station in 2016, and the investigation was subsequently handed over to the EOW by the state government.
According to police, the EOW Lucknow team arrested Furqan Ahmed near Jama Masjid Park in Gali No. 5 of the Barbalan area under Mughalpura police station. Another accused, Firasat Ali, a resident of Matipur alias Maini village under the Karnpur outpost of the Mundhapande area, was arrested from the area under Mundhapande police station.
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The third accused, Ibrahim Saifi, a resident of Nawabpura locality under Tanda police station in Rampur, was arrested from the Bhojpur police station area. All three were wanted in Case Crime No. 64/16, registered at Galshaheed police station in 2016.
Police said the names of Furqan Ahmed, Firasat Ali and Ibrahim Saifi emerged during the EOW’s investigation into the case. The three were subsequently traced and arrested from different locations in Moradabad. Further legal proceedings are underway.
Investors Allegedly Lured With Double Returns
According to information gathered by the EOW, Green Ray International was established as a chit fund company. Its directors and agents allegedly approached members of the public with promises that their money would double within a short period.
Investors were allegedly persuaded to deposit money under different schemes operated by the company. The accused reportedly gained the confidence of customers by returning money to some investors periodically. This allegedly encouraged more people to invest larger amounts in the company’s schemes.
The investigation indicates that several unemployed young people also became associated with the company. They allegedly worked to collect money from members of the public in the name of investment schemes. As the network expanded, substantial amounts were reportedly collected from investors.
₹78 Crore Allegedly Misappropriated
Investigators allege that the accused subsequently misappropriated approximately ₹78 crore collected from investors and distributed the money among themselves. After allegedly diverting the funds, the company was closed and its operators and associates went underground.
The EOW investigation is examining the manner in which money was collected from investors, the roles of company directors and agents, and the movement of funds after they were deposited into the company’s accounts.
Investigators are also looking into the number of people who invested in the schemes and the total amount collected from them. The financial trail is expected to help establish how the funds were allegedly transferred, withdrawn or distributed among those connected with the company.
Cases in Other States Also Under Investigation
The EOW has also found that cases related to the Green Ray International Group of Companies were registered at different police stations in several districts of West Bengal and Odisha. Those cases are being investigated by the Central Bureau of Investigation (CBI).
The developments have expanded the scope of the investigation into the company’s alleged operations beyond Uttar Pradesh. Investigators are examining whether the same investment model was used to collect money from people in different states and whether the accused arrested in Moradabad had links with other members of the wider network.
With the arrest of the three accused, the EOW is now expected to question them about the company’s operations, the investors from whom money was collected and the alleged distribution of the ₹78 crore. Further action will depend on the evidence and financial records gathered during the investigation.
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