Over ₹50 Crore Defrauded from 160 Investors; Court Orders Strict Confiscation.
Agra – In a high-profile economic fraud case, the Agra court on Monday ordered the confiscation of assets worth ₹3.30 crore belonging to Mahesh Kumar Verma, who allegedly defrauded 160 investors of over ₹50 crore through a lottery investment scheme. Verma, a resident of Sector-12, Awas Vikas Colony, had lured investors by promising to double their money through lottery schemes. The court action follows a police investigation and is being carried out under Section 107 of the Indian Citizen Security Code (BNNS).
Complaints Filed by Investors and Formation of SIT
According to DCP City the first complaint was filed by Mohan Babu, a resident of Bhim Nagar, Jagdishpura. Babu alleged that in 2000, Mahesh Verma, along with his associates, had convinced him and other victims to invest in a lottery scheme. While Verma collected the funds, he stopped returning money after 2016. When investors demanded refunds, he allegedly used excuses and intimidation to avoid payments.
Following the complaints, FIRs were registered at Hariparvat Police Station, and a 10-member Special Investigation Team (SIT) was constituted. The SIT conducted an extensive probe, including inspection of Verma’s residence, verification of bank transactions, and documentation of his assets. A detailed report for asset confiscation was subsequently prepared and submitted to the court.
Court Hearing and Asset Seizure Orders
On Monday, CJM Mrityunjay Srivastava ordered the seizure of Verma’s assets, which include:
- House at Ber ka Nagla, Jagdishpura – valued at approximately ₹30 lakh
- Plot in Sector-4, Awas Vikas – estimated at ₹3 crore
- One scooter
During the proceedings, the prosecution presented evidence that although Verma’s declared income was limited, he failed to account for his accumulated assets, justifying the court’s decision for asset confiscation.
Key Highlights of SIT and Police Actions
The SIT undertook the following steps as part of the investigation:
- Documented immovable properties owned by the accused
- Collected and analyzed income tax details
- Incorporated all findings into the case diary
The probe revealed that Verma had 9 FIRs and 5 civil suits registered against him across various police stations. Based on these findings, the SIT submitted a detailed asset seizure report to the court, which approved the confiscation.
Investors Still Struggling to Recover Funds
Despite the court’s orders, the victims have yet to receive their defrauded amounts. Inspector Neeraj Sharma of Hariparvat Police Station stated that multiple attempts by victims to recover their funds remain unsuccessful.
Retired ARM Praveen Kumar played a pivotal role by organizing the victims and representing their interests, which facilitated the SIT investigation and the submission of the report to the judiciary.
Conclusion
This case underscores not only financial fraud on a large scale but also the intricate methods used by perpetrators to accumulate assets illegally while defrauding investors. The court’s order for asset confiscation provides partial relief to the victims. The police and SIT continue to investigate, and further action may include additional seizures and legal measures against other parties involved in the fraud.
