Badaun: Shashikant Maurya and Suryakant Maurya, brothers who are currently in jail in connection with allegations of defrauding investors of around ₹800 crore through five chit-fund companies, including Amar Jyoti Universe Nidhi Limited, have not received relief from the court.
The Chief Judicial Magistrate (CJM) court rejected their bail pleas after considering the prosecution’s objections and the evidence available in the case. Following the rejection of bail, both accused will remain in judicial custody for now.
According to police, the two brothers allegedly attracted people to invest money through different chit-fund companies operated under their control. The allegations state that large amounts were collected from investors under various investment schemes. Many people reportedly invested their savings with the companies, but complaints later emerged that the promised amounts were not returned on time. Police subsequently began investigating the companies’ operations and their financial transactions.
During the investigation, police examined company documents, records relating to money collected from investors and details of financial transactions. Information concerning the people involved in operating the companies, investors and other available records was also gathered. Based on the findings emerging during the investigation, action was taken against Shashikant Maurya and Suryakant Maurya. After their arrest, the brothers were produced before the court and sent to jail.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
During the hearing on the bail pleas, the defence sought relief for both accused and presented arguments in support of their release on bail. The prosecution strongly opposed the pleas, citing the evidence available in the case, the seriousness of the allegations and the large amount of money allegedly collected from investors.
After hearing arguments from both sides and examining the available case records, the CJM court rejected the bail applications of both accused. Following the court’s order, Shashikant Maurya and Suryakant Maurya will remain in jail for the time being. Further investigation and judicial proceedings in the case are continuing.
Alleged Collection of Money From Investors Across Several Districts
According to police, the case extends beyond Badaun and involves investors from several nearby districts. The five companies, including Amar Jyoti Universe Nidhi Limited, allegedly collected money from people in Bareilly, Badaun and Pilibhit, among other areas, in the name of investment. Following complaints, police began examining the activities of the companies and records connected with investors’ money.
The figure of around ₹800 crore is linked to the allegations that have emerged during the investigation. Police are examining the money allegedly collected from investors, company accounts and other financial transactions. The full extent of the alleged financial irregularities and the actual losses suffered by investors will become clearer as the investigation progresses.
Repeated Attempts to Secure Bail
Shashikant Maurya and Suryakant Maurya have been making legal efforts to secure release from jail. Police have previously taken action against the two in cases related to alleged fraud involving investors and the operation of chit-fund companies. However, after the CJM court rejected their bail pleas, both will continue to remain in judicial custody for now. The police investigation and further judicial proceedings in the case are continuing.
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