Badaun: The Special Task Force (STF) has arrested two brothers in connection with an alleged investment scam worth around ₹500 crore in Badaun, Uttar Pradesh.
The accused, Shashikant Maurya and Suryakant Maurya, are alleged to have collected large sums from thousands of investors through a Nidhi company by promising attractive returns and later failing to repay the money. Both had been absconding for several months, and a reward of ₹50,000 each had been announced for information leading to their arrest.
A joint team of the STF’s Noida unit and Badaun Kotwali police arrested the two accused. According to the police, Shashikant and Suryakant Maurya had served as directors of Amar Jyoti Universe Nidhi Limited. The company allegedly collected money from investors through various schemes after assuring them of better returns and secure investment. Investors later claimed that they did not receive their deposited money or the promised returns.
Cases have been registered against both accused at Badaun Kotwali under various provisions of the Bharatiya Nyaya Sanhita. The allegations include cheating, criminal breach of trust, forgery and the use of fraudulent documents. Investigators are examining how the company collected money from investors and how the funds were subsequently used or transferred through bank accounts, properties and other channels.
The investigation has indicated that the alleged Nidhi scheme was not limited to Badaun. Investors associated with the company are reportedly spread across Badaun, Bareilly, Pilibhit and several other districts in the region. The network is alleged to have collected more than ₹500 crore, leaving the savings of thousands of depositors trapped after the alleged misappropriation or manipulation of a substantial amount.
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In Badaun alone, around 15,000 investors are estimated to have been affected by the alleged scam. A large number of investors have demanded the return of their deposits and a detailed investigation into properties linked to the accused so that their money can be recovered. Investors have said that prolonged non-payment has severely affected their financial condition.
Police said several criminal cases have been registered against Shashikant and Suryakant Maurya in Badaun and Bareilly. The brothers had also approached courts to avoid arrest. A stay on their arrest had remained in force, making their apprehension a challenge for the investigating agencies.
After the Allahabad High Court lifted the stay on their arrest in April 2026, police and the STF intensified efforts to trace the two accused. Investigators examined their possible hideouts, contacts and movements and gathered information about people who may have helped them evade arrest. After sustained efforts, the brothers were arrested on September 7.
Their arrest is being viewed as a significant development in one of the major alleged investment fraud cases reported in western Uttar Pradesh. However, determining the actual status of the investors’ money and tracing the complete flow of the allegedly misappropriated funds remain key parts of the investigation.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said that in investment and Nidhi-based fraud cases, arresting the accused is only the first step. Investigators must trace the complete money trail to determine where funds collected from investors were transferred and identify the bank accounts, companies, properties and intermediaries involved. This can help recover victims’ money and uncover the wider network behind the alleged fraud.
Investigators are now questioning the accused to obtain details of the company’s financial transactions, funds collected from investors, associated bank accounts and properties. The role of other possible accused persons and associates is also being examined. Further legal action concerning the recovery of investors’ money and properties linked to the accused will depend on the findings of the investigation. The probe is continuing.
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